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2017 schedule a Form: What You Should Know
The Tax Cuts and Jobs Act (BCA) eliminates the alternative minimum tax, increases the property tax deduction limit, and makes other changes that may increase the tax paid by individuals residing in other states. • The alternative minimum tax is a tax on tax. You cannot claim a deduction for it. This is also true if you do not itemize deductions. • The maximum amount that you can claim as a credit in the year you pay your tax to another state or other taxing jurisdiction is 10,000 (with an additional 100 deduction for the first 10,000 in income). The credit begins to phase out at a rate of 3% of the tax paid, not the amount of the tax paid. This means that for residents of other states with a graduated tax structure you can effectively reduce your tax paid in Rhode Island by as much as 4% of income, by claiming the 10,000 credit. The “3% rule” applies to income and, according to the IRS, amounts paid to the state are treated as state taxes even if the states' residents are not required to pay tax on the income. • In addition to the Rhode Island credit, you may receive an additional refund of state taxes for certain other sources of income, or your credit may be limited or eliminated. For details, see the chart at. All About Schedule A (Form 1040 or 1040-SR) — Investopedia The first page lists the tax credit amount you can claim, the maximum the credit can exceed and other related information. In the second page, the Form RI-1040 is also described. This includes the forms, instructions, and other information you will need to complete the return. Feb 16, 2006. Use IRS' Online Schedules for a “Tax Deductions by Form” or a “Forms and Instructions to Schedule an Income Tax Return” or the “Form RS-1 Schedule” or the “Form T0110 — Retirement Plans” or the “Form 2031 — Employee Retirement Annuity Plans (Eras) — Notice of Withholding” or the “Form 1099-INT” and other schedules for tax deductions made on your return.
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