Louisiana State Tax Deductions - 2012, 2013
2013 Louisiana Income Tax Deductions
|Louisiana Standard Deduction|
|Louisiana Personal Exemption|
|Louisiana Dependent Deduction|
Louisiana income tax deductions are above-the-line expenses that can be deducted from your gross income before you calculate your taxable income.
Louisiana supports many of the same deductions as the IRS does for your federal income tax return. You may be able to reuse many of your Federal income tax deductions, including any itemized deductions from your Federal 1040 Schedule A.
Louisiana may have different rules or cut-offs for certain deductions, so you should still double check to ensure that your deductions are permitted under Louisiana tax law. For more information about the Louisiana income tax, see the main Louisiana income tax page.
Louisiana Standard Deduction
Unlike many other states, Louisiana has no standard deduction. Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your Louisiana income tax return.
Louisiana Personal Exemption
Louisiana's personal income tax exemptions include a personal exemption of $4,500.00 for single individuals and $4,500.00 for couples filing jointly.
You can deduct one single exemption from your gross income if you are responsible for supporting yourself financially. You may not, however, claim a personal exemption if someone else has declared you as a dependent on their tax return.
Louisiana Dependent Deduction
Louisiana has a dependent exemption of $1,000.00. You may claim one dependent examption for each of the children, relatives, or others who live with and are supported by you as described § 152 of the IRC (Internal Revenue Code). Children claimed as dependants must be age 18 or younger, or a student age 23 or younger § 152(c)(3).
Louisiana Itemized Deductions
Louisiana closely follows Federal rules regarding itemized deductions, so you should be able to reuse your Federal itemization with your Louisiana income tax return. Louisiana may still have state-specific rules for certain deductions, so be sure to double-check your itemization before you file.
A variety of expenses can be itemized as deductions on your Louisiana tax return. Here's a list of some of the most popular itemized deductions.
- Medical Deductions - You can deduct up to 7.5% of your out-of-pocket medical and dental expenses. Self employed individuals may also deduct premiums for qualifying health insurance plans.
- Self-Employment Deductions - If you pay both the employee and the employer's half of the payroll tax, you may deduct the employer's half from your gross income. This deduction generally applies to individuals who are self-employed or small business owners.
- Mortgage Interest Deduction - If you have a mortgage on a first or second home, you may deduct mortgage interest paid as defined in 26 U.S.C. § 163(h).
- Business Deductions - Qualifying business expenses, business losses, and losses due to theft or depreciation may be itemized and deducted.
- IRA Contribution Deduction - You can deduct a limited contribution to your qualifying Individual Retirement Account every year. The deduction limits for 2012 are $5,000 per year for individuals under 50, and $6,000 per year for individuals 50 or over.
- Property Tax Deduction - Many states allow you to deduct any property tax paid to a county or municipality from your gross income.
- Charitable Donations - Donations to qualifying charities or nonprofit organizations are 100% tax deductible, up to 50% of your gross income.
- Education and Tuition Deduction - If you paid tuition to an accredited college or university, you can deduct some or all of the tuition and fees you paid. You cannot deduct housing, food, or other secondary expenses, but you may deduct interest accrued on student loans.
|Louisiana Income Tax Deductions Table|
- Before information on the 2013 Louisiana income tax deductions are released, provisional 2013 deduction information is based on Louisiana's 2012 tax deduction policy.
- The 2013 Louisiana standard deductions, personal exemptions, and dependent deduction amounts are sourced from the Louisiana Department of Revenue .
- Information on Louisiana's itemized deduction policy is updated from the Louisiana Department of Revenue and the Internal Revenue Service.