MAGI-Deductible Expense |
Maximum Amount |
Student loan interest *Married individuals filing separately cannot claim this deduction. |
$2,500.00 per tax return |
Self-employed health insurance |
No maximum |
Deductible part of self-employment tax |
No maximum |
Health savings account deduction |
No maximum |
Educator expenses *Both spouses must be educators to receive the maximum for married filing jointly. |
$300.00 for single filers
$600.00 for married joint filers |
Certain business expenses of reservist, performing artist and fee-basis government officials |
No maximum |
Moving expenses * Limited to members of the Armed Forces. |
No maximum |
Self-employed SEP, SIMPLE and qualified plans |
No maximum |
Penalty on early withdrawal of savings
|
No maximum |
Alimony paid *Allowed for settlements prior to 01/01/2019. |
No maximum |
IRA deduction *If spouse is covered by an employer-sponsored plan, married filers receive a partial deduction |
< age 50: $6,500 if single, $13,000 if married > age 50: $7,500 if single, $15,000 if married |
Archer MSA deduction |
No maximum |
Other adjustments as listed on IRS Form 1040 Schedule 1 Part II |
No maximum |
Updated April 17, 2024, Replacing February 1, 2023