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The state taxes you paid can be claimed as an itemized deduction


Some state taxes, along with certain items such as mortgage interest paid on your home and charitable donations, can be claimed as an itemized deduction.

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Which of the following purchases is not eligible for a deduction or federal tax credit?


You may qualify for a federal tax credit for installing energy-efficient windows, insulation or doors. Additionally, installing solar panels or other renewable energy sources may help you qualify for the Residential Energy Efficient Property Credit.

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Key Takeaways

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  • Check to see if you qualify for the Earned Income Tax Credit, which will offset the amount of taxes you owe and can help provide you with a refund
  • The mortgage interest deduction and property tax deduction are potentially two of the biggest tax deductions for which a homeowner may qualify
  • Evaluate if a standard or itemized deduction is more beneficial to your financial situation
  • In addition to federal tax credits, some states offer credits and deductions for making certain energy efficient home improvements
  • If you’re a student, the American Opportunity Tax Credit and the Lifetime Learning Credit can help reduce the amount you owe in taxes depending on your filing and education status
  • If you qualify as self-employed, you may need to pay your taxes quarterly. Check out Form 1040-ES to help you estimate what you owe