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Pomona California Form Instruction 1040 Line 20a & 20b: What You Should Know

Line 59a is an amount for which you will add your home office deduction in box B for an individual filing a single return. Line 59b is an amount for the qualified business expense deduction; see section 26(a)(1) of the tax code.  20. Are lines 20 and 21 blank? No. Enter any line not in the instructions, such as Schedule M or Schedule M-EZ. 21. Is line 7: “Yes / No” (a) blank? Yes. Complete this line if you received your refund, and you did not carry forward this amount to the following year, and you are not using it to calculate an exclusion of up to 3,450 from Schedule I or Schedule II. Your home office exclusion will be limited to this amount. No. If the home office deduction is claimed on line 22, you must complete line 7 of Schedule M and include this amount on line 7a. Line 7a. Add this amount on line 7b. Line 7b. Use on line 3a, line 14a, line 18a or line 43b. 23. Can you claim a deduction for mortgage interest on an eligible home in the year you bought? Yes. You can deduct interest equal to 1 1/3 of the total of all eligible payments for the year. See Form 2106, Mortgage Interest Deduction, for more information on the mortgage interest deduction. 24. Can you pay state income tax on dividends that are paid to your foreign investment company? Yes. You may deduct either 1 1/3 of the dividend or 2 1/4 of the dividend plus 3/4 of the interest paid or 1/3 of the interest plus 3/4 of the dividend. See Form 2103, U.S. Tax on U.S. Real Estate Income, for more details on the dividend tax. 25. Can you combine the interest you pay on your home mortgage and the interest you pay on the tax-exempt portion of your home equity as part of the same tax return? Yes. If you can do this— you can make a single “1/3 interest plus 3/4 home mortgage” payment. For more information, see the Instructions for Form 1040-ES (Form 1040), U.S. Income Tax Return, and Form 2106, Mortgage Interest Deduction. You should keep this return and payers separate. 26.

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