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Please explain all of the credits and deductions that are available related to retirement and investment.

IRA Deductions Generally, any contributions that you (or your spouse, if applicable) made to a Traditional IRA qualify as a deduction on your return. Roth IRA contributions are not deductible. Sometimes this deduction may be limited...

Please explain deductions and credits that are available related to Education.

For more information: Tax Benefits for Education Claiming Education Credits vs. Deductions How do I report qualifying education expenses that I paid with a 1099-Q distribution?...

Please explain all of the deductions and credits that are available related to my job.

Educator (Teacher) Expenses: If you or your spouse worked as an educator, you probably spent money on supplies, materials, and other teaching aids to help you do your job. Most of these expenses are deductible on your return. As long as you worked in a public or private...

Please explain all of the deductions that are available related to my home.

Mortgage Interest Paid: Generally, any interest that you pay on a home mortgage can be deducted on your return as long as 1.The proceeds from the mortgage were used to buy, build, or improve your home; AND 2.The loan is secured by your main home or second home. This inc...

Please explain deductions that are available related to Medical Expenses.

Medical and dental expenses, such as doctor visits, health insurance, glasses, etc.: Generally, you are allowed a deduction for most of the medical expenses that you paid during the tax year. However, you cannot include any part of the expenses that were paid by an insu...

Please explain all of the deductions and credits that are available related to my auto and my other personal property.

Car Registration Fees If you own a car, you probably pay a yearly fee for car registration. All or part of this registration fee may be an additional deduction for you on your return. The IRS will allow you to deduct any taxes included in your registration fee that you ...

Where do I enter mortgage interest?

From the Your account page, select Federal Section > Deductions > Enter Myself > Itemized Deductions > Mortgage Interest and Expenses For more articles and information on mortgage interest click here

Form W-2G: Gambling Winnings

gambling, you can generally list your losses as a deduction to help reduce your income and lower your tax bill. To enter your gambling losses in our program go to Deductions > Enter Myself > Itemized Deductions > Miscellaneous Deductions...

Can I take the Mortgage Interest Credit AND the deduction for mortgage interest that was reported on Form 1098 on the same return?

year. Enter your mortgage interest by selecting Federal Section > Deductions > Itemized Deductions > Mortgage Interest and Expenses. Enter your mortgage interest credit by selecting Federal Section > Deductions > Credit Menu > Mortgage...

Colorado Additions to Income

income tax return and deducted CO income taxes on line 5, Schedule A, Form 1040, you must add back on your Colorado return any state income tax included in your federal itemized deductions. *** If your federal itemized deductions exceed...