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Tax question...

Posted by Stewie Griffin (aka whysoserious) Jan 1 '09, 08:45

Is it right that you can deduct your state/county income taxes paid from your federal taxable income?

So if you had $20,000 in taxable income
and you paid $2,000 in state/local income tax
The $20,000 would be your taxable income to the state, but your federal taxable income would be $18,000

(Look at me, itemizing for the first time!)

Responses:

its an itemized deduction, so as long as you have enough other itemized - truman Jan 1, 10:23 1
- Thx... I have more than enough with all the mortgage interest and property taxes from the last 6 months -- nm - Stewie Jan 1, 10:45

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Tax question...

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