Above Below Credits and Exclusions

Question 1

Municipal Bond Interest

Answer 1

Exclusion

Question 2

Accident and Health Plans: Employer Premiums

Answer 2

Exclusion

Question 3

Fringe Benefit

Answer 3

Exclusion

Question 4

Inheritances and Gifts

Answer 4

Exclusion

Question 5

Accident and Health Plans: Amounts received

Answer 5

Exclusion

Question 6

Scholarships

Answer 6

Exclusion

Question 7

Personal Residence Sale (up to $250k/$500k)

Answer 7

Exclusion

Question 8

Adoption Assistance from an employer

Answer 8

Exclusion

Question 9

Death Benefits

Answer 9

Exclusion

Question 10

Dependent Care Assistance Programs

Answer 10

Exclusion

Question 11

Educational Assistance Program up to $5250

Answer 11

Exclusion

Question 12

Debt Discharged (in certain situations)

Answer 12

Exclusion

Question 13

Meals and Lodging for Employees

Answer 13

Exclusion

Question 14

Interest on Education Savings Bonds

Answer 14

Exclusion

Question 15

Compensatory Damages Compensation

Answer 15

Exclusion

Question 16

Support Payments Received (Child Support + post 2018 alimony)

Answer 16

Exclusion

Question 17

Educator Expenses up to $300

Answer 17

Above the line

Question 18

Business expenses for government officials who work on a fee basis, performing artists, and members of the military reserve forces (reservists) who traveled more than 100 miles to perform reserve services

Answer 18

Above the line

Question 19

HSA Savings Contributions

Answer 19

Above the line

Question 20

Moving expenses for active-duty members of the U.S. Armed Forces

Answer 20

Above the line

Question 21

1/2 self employment tax

Answer 21

Above the line

Question 22

Retirement account contributions for self-employed individuals and small business owners

Answer 22

Above the line

Question 23

The cost of health insurance premiums for self-employed workers, including dental and long-term care insurance

Answer 23

Above the line

Question 24

Early withdrawal penalties

Answer 24

Above the line

Question 25

Pre-2019 Alimony Payments

Answer 25

Above the line

Question 26

Traditional IRA Contributions

Answer 26

Above the line

Question 27

Student Loan Interest

Answer 27

Above the line

Question 28

Unreimbursed Medical and Dental Expenses over 7.5% over AGI

Answer 28

Below the line

Question 29

State and Local Taxes (SALT) up to $10k

Answer 29

Below the line

Question 30

Interest Paid on Primary and Secondary Residence on up to $750k of debt

Answer 30

Below the line

Question 31

Gifts to charity limited to 60% AGI for cash

Answer 31

Below the line

Question 32

Casualty and Theft Losses over 10% of AGI and above insurance reimbursement

Answer 32

Below the line

Question 33

Earned Income for low income families

Answer 33

Refundable Tax Credit

Question 34

Additional Child Tax

Answer 34

Refundable Tax Credit

Question 35

American Oppurtunity

Answer 35

Refundable Tax Credit

Question 36

Premium Tax (medical expenses)

Answer 36

Refundable Tax Credit

Question 37

Child and Dependent Care

Answer 37

Non refundable Tax Credit

Question 38

Child Tax

Answer 38

Non refundable Tax Credit

Question 39

Retirement Savings Contribution for low income

Answer 39

Non refundable Tax Credit

Question 40

Lifetime Learning

Answer 40

Non refundable Tax Credit