![]() You were self-employed and you had a net profit for the year.You may be able to deduct the amount you paid for health insurance for yourself, your spouse, and your dependents if any of the following applies: A sole proprietor or partnership can establish a Keogh plan.įor additional information about this plan, please see IRS Publication 560. Keogh Retirement PlanĪ qualified employer plan set up by a self-employed individual is sometimes called a Keogh or HR-10 plan. Moving Expensesīeginning for the 2018 tax year, except for Military, individuals can no longer deduct moving expenses or exclude moving expense reimbursements from their employers for their income.įor additional information about moving expenses, please see IRS Publication 521. Figure amounts you must include in income and additional tax you may owe if you fail to be an eligible individual.įor additional information and to see who is eligible to file Form 8889, please Click here.Report health savings account (HSA) contributions (including those made on your behalf and employer contributions).A qualified HSA distribution is a one-time distribution from a health flexible spending arrangement (FSA) or health reimbursement arrangement (HRA) that is contributed by your employer directly to your HSA. Health Savings Accountīeginning in 2012, you can no longer make a qualified HSA distribution. The deduction is limited to the amount the federal government pays its employees for travel expenses.įor additional information about this, please Click here. If you are a member of a reserve component of the Armed Forces and you travel more than 100 miles away from home in connection with your performance of services as a member of the reserves, you can deduct your travel expenses as an adjustment to income rather than as a miscellaneous itemized deduction. To be eligible, you must work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide.įor additional information about this deduction, please Click here. The deduction is available if you are an eligible educator in a public or private elementary or secondary school. ![]() ![]() Expenses incurred any time this year may qualify for the deduction. These out-of-pocket expenses may lower your 2022 tax bill. If you are an educator, you may be able to deduct up to $300 of expenses you paid for purchases of books and classroom supplies for 2022 tax year (up to $250 for previous years), even if you do not itemize your deductions, according to the IRS. Report taxable accelerated death benefits from a life insurance policyįor additional information about this deduction, please refer to Form 8853 Instructions.Report taxable payments from long-term care (LTC) insurance contracts.Report distributions from Archer MSA's or Medicare Advantage MSA's.Report Archer MSA contributions (including employer contributions).The medical savings account deduction ( Form 8853) is used by taxpayers to: These items are not included as Itemized Deductions and can be entered independently. Adjustments are certain expenses which can directly reduce your total taxable income.
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