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Category: Adjustments to Income
11 Articles
Orange arrow How to claim educator expenses

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  If you are an eligible educator, you can deduct as an adjustment to income up to $250 in qualified expenses you paid during the tax year. If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. However, neither spouse can deduct more than $2...
Orange arrow How to claim student loan interest

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  Student Loan Interest DeductionYou may take this deduction only if all four of the following apply. You paid interest in the tax year on a qualified student loan (see below). Your filing status is any status except married filing separately. Your modified adjusted gross income (AGI) ...
Orange arrow What are qualified educator expenses?

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  Deduction for Educator Expenses If you were an eligible educator in the tax year, you can deduct up to $250 of qualified expenses you paid in the tax year. If you and your spouse are filing jointly and both of you were qualified educators, the maximum deduction is $500. However, neither spouse can...
Orange arrow Archer MSAs

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  Archer MSAs were created to help self-employed individuals and employees of certain small employers meet the medical care costs of the account holder, the account holder's spouse, or dependent(s). A Medicare+Choice MSA is an Archer MSA designated by Medicare to be used solely to pay the qualified ...
Orange arrow Other Adjustments

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  Other Adjustments To find out if you can take the deduction, see the form or publication indicated. Acher MSA deduction - (see Form 8853). Identify as MSA Jury duty pay if you gave the pay to your employer because your employer paid your salary while you served on the jury. Identify as "Jury P...
Orange arrow IRA Contributions

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  IRA Deduction If you made contributions to a traditional IRA, you may be able to take an IRA deduction. You must have had earned income to do so. For IRA purposes, earned income also includes certain alimony received. See Pub. 590 on the IRS site for details. A statement should be sent to you th...
Orange arrow Moving Expenses

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  If you moved because of a change in your job location or because you started a new job, you may be able to deduct your moving expenses if your move is closely related to the start of work. To qualify for the moving expense deduction, you must meet the distance and the time tests. To deduct your m...
Orange arrow Moving Expenses - Travel and Lodging

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  Travel expenses For complete information, please refer to Publication 521 at the IRS website http://www.irs.gov/pub/irs-pdf/p521.pdf. You can deduct the cost of transportation and lodging for yourself and members of your household while traveling from your former home to your new home. You ca...
Orange arrow Student Loan Interest

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  You can take this deduction only if all of the following apply. You paid interest in 2014 on a qualified student loan (defined later). Your filing status is any status except married filing separately. Your modified adjusted gross income (AGI) is less than: $80,000 if single, head of household...
Orange arrow Form 2555 - Foreign Earned Income

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  Purpose of FormIf you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than your foreign earned income for the year. You may be able to use Form 2555-EZ, Foreign Earned Income Exclusion, if you d...
Orange arrow How do I report the Health Savings Account?

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  Once you have determined that you are filing form 8889 for the HSA, you will need to select who owns the account. Next, you will need to select the type of coverage and eligibility. For example, Self Only or Family Coverage. Line 2 asks for the HSA Contributions for the tax year. This amount i...

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