![]() ![]() You may be able to deduct up to $2,500 a year. You paid interest on a qualified student loan. The retirement section of our website offers an informational page linking to tax-related retirement articles from basic questions to discussions of special circumstances. If you are self-employed, contributions to a SEP or SIMPLE IRA may be tax-deductible. Contributions to a Traditional IRA may be tax-deductible, depending upon factors such as your modified adjusted gross income and, if you are married and if you or your spouse are covered by a qualified employer-sponsored retirement plan. If you participate in a qualified retirement plan, (other than a designated Roth account such as a 401(k) Roth account), your employer deducts your contributions from your compensation. You contributed to an individual retirement account (IRA) or qualified employer sponsored retirement plan (QRP), such as a 401(k). Common income tax deductions Common deductions and qualifications You are a nonresident alien or a dual-status alien.Įven if you don’t itemize your deductions, there are deductions/subtractions you may be able to take, such as student loan interest and IRA contributions.You are filing a partial-year return because you are changing accounting periods.Your spouse files separately and itemizes deductions.You may claim what the IRS calls the “standard deduction” unless: Every tax filer must choose between taking the standard deduction or itemizing deductions. ![]() Each type of deduction may be subject to specific restrictions and instructions.
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