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REG > Adjustments and Itemized Deductions > Flashcards

Adjustments and Itemized Deductions Flashcards

1
Q

Educator expenses

A

Adjustment

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2
Q

Traditional IRA contribution

A

Adjustment

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3
Q

Student loan interest paid

A

Adjustment- up to $2,500

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4
Q

Health savings account contribution

A

Adjustment

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5
Q

Moving expenses (for military members)

A

Adjustment

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6
Q

Self employment tax paid

A

Adjustment up to 50%

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7
Q

Self employed health insurance premium

A

Adjustment

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8
Q

Early savings withdrawal penalty

A

Adjustment

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9
Q

Alimony paid

A

Adjustment

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10
Q

Charitable contributions

A

Up to $300- Adjustment

Additional- Itemized deduction. Can deduct up to 60% of AGI (100% in 2021)

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11
Q

Trade or business expenses

A

Adjustment

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12
Q

Capital losses

A

Adjustment

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13
Q

Medical expenses

A

Itemized deduction

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14
Q

Real estate taxes paid

A

Itemized deduction

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15
Q

Personal property taxes paid

A

Itemized deduction

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16
Q

Income taxes

A

Itemized deduction

17
Q

Sales taxes

A

Itemized deduction

18
Q

Home mortgage interest expense

A

Itemized deduction for mortgage up to $375k/$750k

19
Q

Casualty losses (after a disaster)

A

Itemized deduction, subject to 10% of AGI floor and $100

20
Q

Gambling losses

A

Itemized deduction

REG (7 decks)

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