ACC 401-01

Payment of alimony (divorce finalized in March 2024)

Not Deductible

Mortgage interest on residence

Deductible FROM AGI

Property tax on residence

Deductible from AGI

Contribution to traditional IRA (assume the amount is fully deductible)

Deductible for AGI

Contribution to United Church

Deductible from AGI

Loss on the sale of real estate (held for investment)

Deductible for AGI

Medical expenses

Deductible FROM AGI

State income tax

Deductible from AGI

Federal income tax

Not deductible

Reimbursement is equal to Actual Expenses

Not included in gross income

• No…

  • FOR AGI deduction

  • FROM AGI deduction

Reimbursement is less than Actual Expenses

• Include the full amount of reimbursement in gross income

• FOR AGI deduction

  • Reimbursed expenses

Reimbursement is greater than Actual Expenses

Include excess reimbursement in gross income

• No…

  • FOR AGI deduction

  • FROM AGI deduction

Reimbursement received

Include the full amount of reimbursement in gross income (W-2)

• No…

  • FOR AGI deduction

  • FROM AGI deduction

No reimbursement

• No FOR AGI deduction or FROM AGI deduction