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The Range
NFA & Class III Discussion
Tax Stamp question
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<blockquote data-quote="Uncle TK" data-source="post: 3221508" data-attributes="member: 31781"><p><strong><span style="font-size: 22px">Taxes You Paid Taxes You Can't Deduct • </span></strong>Federal income and most excise taxes. • Social security, Medicare, federal unemployment (FUTA), and railroad retirement (RRTA) taxes. • Customs duties.</p><p>• Federal estate and gift taxes. However, see Line 16, later, if you had income in respect of a decedent. • Certain state and local taxes, including tax on gasoline, car inspection fees, assessments for sidewalks or other improvements to your property, tax you paid for someone else, and license fees (for example, marriage, driver's, and pet). • Foreign personal or real property taxes. <strong><span style="font-size: 22px">Line 5 The deduction for state and local taxes is limited to $10,000 ($5,000 if married filing married separately).</span></strong> State and local taxes are the taxes that you include on lines 5a, 5b, and 5c. Include taxes imposed by a U.S. possession with your state and local taxes on lines 5a, 5b, and 5c. However, don't include any U.S. possession taxes you paid that are allocable to excluded income. You may want to take a credit for U.S. possession tax instead of a deduction. See the instructions for Schedule 3 (Form 1040), line 48, for details. Line 5a You can elect to deduct state and local general sales taxes instead of state and local income taxes. You can't deduct both. State and Local Income Taxes If you don't elect to deduct general sales taxes, include on line 5a the state and local income taxes listed next. • State and local income taxes withheld from your salary during 2018. Your Form(s) W-2 will show these amounts. Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld. • State and local income taxes paid in 2018 for a prior year, such as taxes paid with your 2017 state or local income tax return. Don't include penalties or interest. • State and local estimated tax payments made during 2018, including any part of a prior year refund that you chose to have credited to your 2018 state or local income taxes.</p></blockquote><p></p>
[QUOTE="Uncle TK, post: 3221508, member: 31781"] [B][SIZE=6]Taxes You Paid Taxes You Can't Deduct • [/SIZE][/B]Federal income and most excise taxes. • Social security, Medicare, federal unemployment (FUTA), and railroad retirement (RRTA) taxes. • Customs duties. • Federal estate and gift taxes. However, see Line 16, later, if you had income in respect of a decedent. • Certain state and local taxes, including tax on gasoline, car inspection fees, assessments for sidewalks or other improvements to your property, tax you paid for someone else, and license fees (for example, marriage, driver's, and pet). • Foreign personal or real property taxes. [B][SIZE=6]Line 5 The deduction for state and local taxes is limited to $10,000 ($5,000 if married filing married separately).[/SIZE][/B] State and local taxes are the taxes that you include on lines 5a, 5b, and 5c. Include taxes imposed by a U.S. possession with your state and local taxes on lines 5a, 5b, and 5c. However, don't include any U.S. possession taxes you paid that are allocable to excluded income. You may want to take a credit for U.S. possession tax instead of a deduction. See the instructions for Schedule 3 (Form 1040), line 48, for details. Line 5a You can elect to deduct state and local general sales taxes instead of state and local income taxes. You can't deduct both. State and Local Income Taxes If you don't elect to deduct general sales taxes, include on line 5a the state and local income taxes listed next. • State and local income taxes withheld from your salary during 2018. Your Form(s) W-2 will show these amounts. Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld. • State and local income taxes paid in 2018 for a prior year, such as taxes paid with your 2017 state or local income tax return. Don't include penalties or interest. • State and local estimated tax payments made during 2018, including any part of a prior year refund that you chose to have credited to your 2018 state or local income taxes. [/QUOTE]
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