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What are the qualifications for the Student Loan Interest Deduction?

You can generally take the student loan interest deduction if all of the following apply: You paid interest during the tax year on a qualifying student loan. Your filing status is not married filing separately. You are legally obligated...

Limitations on your deduction for Charitable Contributions

If your charitable contributions meet one of the following conditions, the amount of your deduction may be limited: Your cash contributions of ordinary income property are more than 30% of your AGI. Your gifts of capital gain property...

What Personal Property Taxes qualify for a deduction?

The IRS will allow you to deduct certain state and local taxes you paid during the year on personal property ( such as a car or a boat ). To be deductible, the tax must be charged to you and must have been paid during the tax year. Deductible personal property taxes are...

Calculating my deduction for an Early Withdrawal Penalty

The Form 1099-INT or Form 1099-OID you received will show the amount of any penalty you were charged. You can locate your penalty on Form 1099-INT in box 2 and on Form 1099-OID located in box 3. If you have received more than one form you can add the different amounts t...

Illinois NonResident and Part Year Domestic Production Activities Deduction

You are allowed a deduction on your Illinois nonresident or part year return for domestic production activities to the extent it is allowed on your Federal return and related to Illinois source income. If the income on which the deduction...

Indiana Taxable Social Security and/or Railroad Retirement Benefits Deduction

not enter any other types of pension or retirement income on these lines. Note : See the Railroad Unemployment and Sickness Benefits Deduction instructions on page 25 of the IT-40 Booklet if you have received unemployment and/or sickness...

I was covered by a retirement plan at work. Will this affect the amount of my IRA deduction?

If you were covered by a retirement plan ( qualified pension, profit-sharing, 401(k), annuity, SEP, SIMPLE, etc .) at work or through self-employment, your IRA deduction may be reduced or eliminated. This depends on the level of your...

How do I qualify for the Self-Employed Health Insurance Deduction?

To qualify for the Self-Employed Health Insurance Deduction, the insurance plan generally must be established under your business. However, if you were also eligible to participate in any subsidized health plan maintained by your or your...

Who can claim the Domestic Production Activities Deduction (DPAD)?

To claim the Domestic Production Activities Deduction (DPAD), you must have a positive amount for each of the following three amounts: Qualified production activities income Adjusted gross income (AGI) for an individual, estate, or trust...

Form 1098-T: Tuition Statement- Calculating Your Credit or Deduction

or the student's parents or guardian, if the student is still a dependent for the tuition and fees tax deduction or education-related tax credits. Who gets the 1098-T FORM? Schools must send Form 1098-T to any student who paid "qualified...