Deductions

HSA (definition)

account that allow taxpayers with high deductible plans to pay into for qualified medical expenses for them or their family

HSA (what is considered a high deductible plan)

MAD: minimum annual deductible

OOP: out of pocket expenses

Self: MAD 1650 OOP 8300

Family: MAD 3300 OOP 16600

HSA (contributions)

Self: 4300

Family: 8550

• additional 1000 if 55+

HSA (distributions)

tax-free if used for qualified medical expenses even if paid after the year it was contributed

if not used, qualified, than, ordinary income and 20% tax unless disabled, 65, deceased

SALT (taxes)

Single/HOH/MFS: 20k

MFJ: 40k

subject to phaseouts

floor: 10k, mfs 5k

rental expenses

schedule e

business expenses

schedule c

capital losses

3k cap, carry forward

schedule d

SE individual paying for health insurance

them, their kids under 27, spouse, and their dependents

limited to the income of the self employment

cant deduct if spouse can be on an employer plan

self employment tax

SS: 6.2% capped at 176100

medicare: 1.45%

not allowed to deduct the .9% additional

IRA 

qualified distributions

Alimony

pre 2019

student loan interest

up to 2500

mfs can not deduct

health insurance premiums

for : if self employed

from : (applies to medical expenses) if under employer plan