Line 5. The deduction for state and local taxes is generally limited to $10,000 ($5,000 if married filing separately). State and local taxes subject to this limit are the taxes that you include on lines 5a, 5b, and 5c. Safe harbor for certain charitable contributions made in exchange for a state or local tax credit.
What is the standard deduction in NC?
$10,750
N.C. Standard Deduction
| If your filing status is: | Your standard deduction is: |
|---|---|
| Single | $10,750 |
| Married Filing Jointly/Qualifying Widow(er)/Surviving Spouse | $21,500 |
| Married Filing Separately | |
| Spouse does not claim itemized deductions | $10,750 |
Can you deduct state and local taxes on Line 5?
In line 5 on Schedule A, you can deduct either state and local income taxes here or state and local sales taxes. You can’t do both. “If you elect to deduct state and local income taxes, you must check box a on line 5.
Can you deduct both state and local taxes on schedule a?
In line 5 on Schedule A, you can deduct either state and local income taxes here or state and local sales taxes. You can’t do both. From the IRS Instructions for Schedule A: “If you elect to deduct state and local income taxes, you must check box a on line 5.
Where is the Schedule 5 line on the 1040?
On page two of IRS Form 1040, line 17, the taxpayer is asked to add the amount from Schedule 5, line 75. Form 1040 Schedule 5, Other Payments and Refundable Credits, was created as part of the Form 1040 redesign implemented last tax year.
Where do I find the Schedule 5 form?
The 2020 Schedule 5 Instructions are not published as a separate booklet. Instead, you will need to read the Schedule 5 line item instructions found within the general Form 1040 instructions booklet. Who Must File Form 1040 Schedule 5?
