Revised 2018 Schedule A

The Tax Cuts and Jobs Act made several changes to itemized deductions that will be in effect from 2018 – 2025. Due to these changes the 2018 Schedule A has been revised as follows:

• Lines on the Schedule A have been renumbered.
• Taxes You Paid Section has been altered as follows:
• Line 5a – 5e: Includes Real Estate taxes, state and local income taxes/general sales tax and personal property tax with a subtotal line and a total deductible line for the lesser of the total of these taxes or $10,000.
• Line 6 – For other deductible taxes that are not limited.
• The Job Expenses and Certain Miscellaneous Deductions subject to 2% of AGI section was eliminated (old Lines 21 – 27).
• The checkboxes for limiting itemized deductions have been removed.

For more details see the draft of the 2018 Schedule A on the IRS website.

Click here to read the full article in the CrossLink Tax Resource Center.