AA Tax Consulting Deductions Form

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AA Tax Consulting - Deductions Form
Are you planning on using Standard Deductions or Itemized?

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Above-the-Line Deductions (Adjustments to Income)

These deductions are claimed on Schedule 1 (Form 1040) and reduce your adjusted gross income (AGI). You can claim them regardless of whether you take the standard deduction or itemize. Common ones include:
Educator Expenses
Health savings account (HSA) contributions
Moving expenses for members of the Armed Forces
Self-employment tax
Qualified retirement plan contributions
Self-employed health insurance deduction
Penalty on early withdrawal of savings
Alimony paid (for pre-2019 divorce agreements)
IRA contributions (traditional, subject to limits
Student loan interest deduction
Tuition and fees deduction
Other adjustments (e.g., jury duty pay given to employer, certain attorney fees)
Itemized Deductions (Below-the-Line)

These are claimed on Schedule A (Form 1040) and only benefit you if their total exceeds the2025 standard deduction ($15,750 single/MFS; $31,500 MFJ; $23,625 HoH; plus extras for age65+ or blind). Common categories include:
Medical and dental expenses
Amounts exceeding 7.5% of AGI (e.g.,premiums, doctor visits, prescriptions, long-term care).
SALT Taxes (Not on 1095's)
State and local taxes (SALT): Income/sales taxes OR property taxes + personal property taxes, capped at $40,000 ($20,000 MFS), with phase-down for higher incomes (reduced but not below $10,000 if MAGI > $500,000/$250,000 MFS).
Interest you paid
Home mortgage interest (on up to $750,000 debt for loans after Dec. 15, 2017 higher for older loans). Investment interest (Form 4952)
Gifts to charity
Cash/check, non-cash (e.g., property, mileage), carryovers; limits based on AGI
Casualty and theft losses
Only from federally declared disasters
Other itemized deductions
e.g. Gambling Losses (Up to winnings), Miscellaneous deductions not listed
Other itemized deductions
e.g. Gambling Losses (Up to winnings), Miscellaneous deductions not listed
Notes or Questions
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AA Tax Consulting - Deductions Form

Above-the-Line Deductions (Adjustments to Income)

Itemized Deductions (Below-the-Line)