Adjustments and Deductions from AGI: Adjustments

Question 1

How much may be deducted as educator expenses?

Answer 1

$300

Question 2

Who may claim an educator expense?

Answer 2

Eligible educator

Question 3

What is an eligible educator?

Answer 3

Individual who for at least 900 hours annually is a k-12 instructor, counselor, principal, or aide.Wh

Question 4

What expenses are eligible for educator expense deduction?

Answer 4

Unreimbursed expenses for books, supplies, computer equipment, and other supplementary materials used in the classroom.

Question 5

How much may a taxpayer deduct for HSA contributions?

Answer 5

(2024) $4,150 or $5,150 for taxpayers 55 and over
If family coverage, $8,300 or $10,300 for taxpayers 55 and over.

Question 6

When can moving/relocation expenses be deducted?

Answer 6

Only for military members on active duty moving on assignment.

Question 7

Description of Self-Employment Tax deduction?

Answer 7

Self-employed person is allowed a deduction for the employer’s portion of FICA tax.

Question 8

How much may be deducted for Self-Employment Tax?

Answer 8

6.2% of the first $168,600
1.45% of all earnings

Question 9

SEP, SIMPLE, Qualified Plans