Berkeley CSUA MOTD:Entry 11407
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2024/11/27 [General] UID:1000 Activity:popular
11/27   

2003/12/11 [Reference/Tax] UID:11407 Activity:kinda low
12/10   If you itemize deductions, you can deduct your total state tax
        paid, or just the amount withheld from your paychecks?
        \_ The amount withheld during 2003 for 2003, plus any payment (not
           total) you made during 2003 for 2002.  Any payment you made during
           2004 for 2003 will be deductible on your 2004 federal return when
           you file it during 2005.  BTW, personally I think it'd make things
           simpler if we just lower the fed and state tax rates by a little
           instead of making fed tax state-deductible and state tax
           fed-deductible.
           \_ Thanks.  But why do they do this?  Why not just make your
              total state tax deductable?
              \_ Because you need to finish your fed return before you start
                 your state return, and you don't know your state tax amount
                 until you finish your state return.  So you can't deduct your
                 state tax of a year in the fed return of the same year.
                 \_ I think you are wrong. They do it because you should
                    only get a deduction for the atual year that you made
                    the payment in. If you paid your state taxes on Dec 31,
                    you would get the deduction.
                    \_ Do you indeed need to finish your fed return before
                       you start your state return? If so, then it could be
                       both reasons.
           \_ The fed tax is state-deductable too?  Does someone make this
              up for the purpose of giving CPAs job security?
              \_ Oops!  I made it up.  I just checked my 2002 state form and
                 fed tax was not state-deductible.  Sorry.
                 fed tax was not deductible.  Sorry.
2024/11/27 [General] UID:1000 Activity:popular
11/27   

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