Seeking a second opinion on what my tax preparer provided me in my 2017 taxes.
I made an estimated tax payment of $20,000 to the State of California in Dec 2017 (for a stock sale I made in Nov 2017).
My tax preparer used our Standard Deduction of $12,700 (married, filing jointly) and didn't run a Schedule A calculation to see if my estimated tax payment would give us more favorable treatment.
A previous tax preparer I spoke with told me to make the estimated tax payment when I did so I could benefit from the deduction.
Question 1: Is my estimated tax payment in 2017 eligible as an itemized deduction on my 2017 taxes?
Question 2: If my Form 1040, Line 38 is over $200K, would itemizing with Schedule A (and using my estimated tax payment deduction) lower my tax due?