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Tuesday, April 17, 2012

RHODE ISLAND PETITION FOR REINSTATING ITEMIZED DEDUCTIONS FOR INCOME TAX RI-1040



Click image to enlarge.


Rhode Islanders who own their homes and are used to itemizing and deducting what they pay from their RI income tax on the annual Income Tax Return RI-1040 for things such as medical expenses, interest you paid on home mortgage, the total deduction on your house town's property tax and the charities that you donate to over the year - found that for the year of 2011 - all itemized deductions were no longer allowed. But there was a decrease in the top marginal income tax rate.

My RI tax for 2011 went up 40% over 2010. If you would like the return of the itemized deductions to RI, sign the petition for this action.


Petition for Rhode Island Governor, Treasurer and Legislators - Reinstate federal income tax itemized deductions to Rhode island's RI-1040


Federal form Schedule A with Itemized Deductions listed.
Click image to enlarge.

Click image to enlarge.


Jim Hummel states (he also has a video with a report at the link Hummel) -
"Taxpayers filing a return in Rhode Island face huge changes this year. Reforms the General Assembly passed two years ago - but just now taking effect - include the elimination of itemized deductions, meaning there will be some winners and some losers. Jim Hummel finds that the losers include those with huge medical bills - who now can't fully claim them as a deduction."
This Hummel report states that
100,000 Rhode Islanders pay more tax
300,000 Rhode Islanders pay less tax

I wonder about this.
Homeowners? How have you found this to be for you?

My RI tax for 2011 went up 40% over 2010. If you would like the return of the itemized deductions to RI, sign the petition for this action.


Petition for Rhode Island Governor, Treasurer and Legislators - Reinstate federal income tax itemized deductions to Rhode island's RI-1040


UPDATED April18, 2012, 11:42. p.m. USA/EST

I have found that ALEC is linked to this RI 1040 elimination of itemized deductions. See my post about it:
Rhode Island law eliminating taxpayer deductions starting 2011 linked to ALEC

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