Effective 1/22/15
|
MAGI-Deductible Expense |
Maximum Amount |
|
Student loan interest
|
$2,500.00 |
|
Self-employed health insurance
|
No maximum |
|
Deductible part of self-employment tax
|
No maximum |
|
Health savings account deduction
|
No maximum |
|
Educator expenses
|
$250.00 |
|
Certain business expenses of reservist, performing artist and fee-basis government officials
|
No maximum |
|
Moving expenses
|
No maximum |
|
Self-employed SEP, SIMPLE and qualified plans
|
No maximum |
|
Penalty on early withdrawal of savings
|
No maximum |
|
Alimony paid
|
No maximum |
|
IRA deduction |
Under the age of 50- $5,500.00 50 years of age and older- $6,500.00 |
|
Tuition and fees
|
$4,000.00 |
|
Domestic production activities
|
No maximum |
Updated May 25, 2016 Issued September 19, 2014