Adjustments and Itemized Deductions Flashcards
1
Q
Educator expenses
A
Adjustment
2
Q
Traditional IRA contribution
A
Adjustment
3
Q
Student loan interest paid
A
Adjustment- up to $2,500
4
Q
Health savings account contribution
A
Adjustment
5
Q
Moving expenses (for military members)
A
Adjustment
6
Q
Self employment tax paid
A
Adjustment up to 50%
7
Q
Self employed health insurance premium
A
Adjustment
8
Q
Early savings withdrawal penalty
A
Adjustment
9
Q
Alimony paid
A
Adjustment
10
Q
Charitable contributions
A
Up to $300- Adjustment
Additional- Itemized deduction. Can deduct up to 60% of AGI (100% in 2021)
11
Q
Trade or business expenses
A
Adjustment
12
Q
Capital losses
A
Adjustment
13
Q
Medical expenses
A
Itemized deduction
14
Q
Real estate taxes paid
A
Itemized deduction
15
Q
Personal property taxes paid
A
Itemized deduction
