R2 - Deductions and Adjustments Flashcards
1
Q
How much is educator expense deduction
A
$300
2
Q
Max IRA contribution for under 50
A
$6,500
3
Q
Max IRA contribution for over 50
A
$7500
4
Q
Student Loan Interest Deduction
A
$2500
5
Q
When is student loan interest deduction phased out for MFJ
A
$185,000+
6
Q
HSA Contribution max for single
A
$3850
7
Q
HSA contribution max for families
A
$7750
8
Q
How much self employment tax can be deducted
A
50%
9
Q
How much is the Standard Deduction for singles
A
$13,850
10
Q
How much is the Standard Deduction for Head of Household
A
$20,800
11
Q
How much is the Standard Deduction for MFJ
A
$27,700
12
Q
How much is the Standard Deduction for MFS
A
$13,850
13
Q
Deduction amount for medical expenses
A
7.5% of AGI
14
Q
How much can you deduct for SALT
A
$10,000
15
Q
What are 3 non-deductible taxes
A
- Federal Taxes
- Inheritance Taxes for States
- Business and Rental Property Taxes
