Schedule L?

[zeros]

I've been hearing a little of the new schedule L. What is that?

[tilt53]

Standard Deduction for Certain Filers

This will be used if some is taking "certain state or real estate taxes, new motor vehicle taxes, or a net disaster loss."

[Bees Knees]

Schedule L was explained in detail back in September in the following update:

http://www.thetaxbook.com/view_update.asp?1=156

[Jesse]

It's the "modified" standard deduction for those that don't itemize on schedule A.

Schedule L is filed if you can increase your standard deduction by additional real estate taxes, the new motor vehicle tax, or a net disaster loss.

http://www.irs.gov/pub/irs-pdf/f1040sl.pdf