What ITEMIZED DEDUCTIONS means: Certain personal expenditures allowed by the tax Code as deductions from adjusted gross income. Examples are certain medical expenses, qualified interest on home mortgages, and charitable contributions. Itemized deductions are reported on Schedule A, Form 1040. A taxpayer who itemizes deductions may not claim the standard deduction.
- Definition Internal Revenue Service (IRS):
- Dictionary The division of the U.S. Treasury Department responsible for collecting taxes itemized deductions.
- Definition Inheritance:
- Dictionary from a bequest or devise, an inheritance is property acquired through laws of descent and distribution from a person who dies without leaving a will. Property so acquired usually takes as its basis itemized deductions.
- Definition Interest Received:
- Dictionary An amount received for the use of money that is to be repaid in full at a specified time or on demand itemized deductions.
- Definition Individual Retirement Arrangement (IRA):
- Dictionary retirement arrangement is a trust set up to receive retirement contributions of individuals. The arrangement may be in the form of an individual retirement account or individual retirement annuity itemized deductions.
How works Itemized Deductions meaning in Tah definition I .