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Category: Adjustments to Income
13 Articles
Orange arrow How can I claim educator expenses?

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  If you're an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Qualified expenses are amounts you paid or incurred for participation in professional developme...
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 How do I 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 How do I enter a deduction for charitable contributions if I am not itemizing deductions on Schedule A?

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  For the 2021 return: Individual tax filers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns. In...
Orange arrow What is an Archer MSA?

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  An Archer MSA is a tax-exempt trust or custodial account set up with a financial institution such as a bank or an insurance company. Contributions you make to the account can be used to pay for health-care expenses not covered by your health insurance plan. For further infomation on whether you qu...
Orange arrow What are qualified educator expenses?

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  Deduction for Educator Expenses If you're an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Qualified expenses are amounts you paid or incurred for par...
Orange arrow Student Loan Interest

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  You 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 (MAGI) is less than: $85,000 if single, head of...
Orange arrow Can I take an IRA deduction?

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  If you made any nondeductible contributions to a traditional individual retirement arrangement (IRA) during the tax year, you must report them on Form 8606. If you made contributions to a traditional IRA, you may be able to take an IRA deduction. But you, or your spouse if filing a joint return, m...
Orange arrow Form 8889 Health Savings Account

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  If contributions (other than employer contributions) were made to your health savings account, you may be able to take this deduction. Qualifying for an HSA To be an eligible individual and qualify for an HSA, you must meet the following requirements. You have a high deductible health plan (H...
Orange arrow How do I report the Health Savings Account?

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  Go to the adjustments to income page and scroll down to Health Savings Account and Long-Term Care Contracts (show more) to make your selection to start and answer the question for the HSA contributions or distributions. Once you have determined that you are filing form 8889 for the HSA, you will ...
Orange arrow Moving Expenses

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  You will find the moving expense is entered in the program under the ADJUSTMENTS tab. The program will then generate the form 3903 for you as part of your tax return. Moving expense deduction suspended, except for certain Armed Forces members. Beginning in 2018, as part of a provision contained i...
Orange arrow How do I Claim Foreign Earned Income Exclusion?

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  Purpose of Form-If you are a U.S. citizen or a U.S. resident alien living in a foreign country, you are subject to the same U.S. income tax laws that apply to citizens and resident aliens living in the United States. But if you qualify, use Form 2555 to exclude a limited amount of your foreign earn...
Orange arrow Moving Expenses - Travel and Lodging

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  Deduction and Exclusion for moving expenses suspended for 2018 The deduction for moving expenses is suspended. During the suspension, no deduction is allowed for use of an automobile as part of a move. This suspension does not apply to members of the U.S. Armed Forces on active duty who move purs...

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