Deductions Worksheet Tab
Use this worksheet to calculate an estimate of your deductions.
1. Enter an estimate of your itemized deductions (from Schedule A (Form 1040)). Such deductions may include qualifying home mortgage interest, charitable contributions, state and local taxes (up to $10,000), and medical expenses in excess of 7.5% of your income.
Enter an estimate of your itemized deductions.
2. Enter:
These non-editable fields automatically display the deduction amount depending on the employee's filing status. The deduction amounts come from the Manage Federal Taxes screen.
| Field | Description |
|---|---|
| if you're married filing jointly or qualifying widow(er) | This field displays the latest deduction amount for the Married filing status. |
| if you're head of household | This field displays the latest deduction amount for the Head of Household filing status. |
| if you're single or married filing separately | This field displays the latest deduction amount for Single filing status. |
3. If line 1 is greater than 2, subtract line 2 from line 1. If line 2 is greater than line 1, enter "0".
The field in this section automatically calculates and displays a value based on the line 3 instructions.
4. Enter an estimate of your student loan interest, IRA contributions, and certain other adjustments (from Part II of Schedule 1 (Form 1040)). See Pub 505 for more information.
Enter an estimate of your student loan interest, IRA contributions, and certain other adjustments (from Part II of Schedule 1 (Form 1040)) in the provided field.
5. Add lines 3 and 4. Enter the result here and on line 4b of Form W-4.
The field in this section displays the sum of lines 3 and 4. The result will be entered on line 4b of Form W-4. The result will be automatically displayed in 4b of Federal Withholding tab.
| Field | Description |
|---|---|
| Calculate | Click this button to compute to figure your deductions and populate the corresponding fields on Form W-4. |