You can deduct contributions to a traditional IRA but not a Roth IRA on your taxes. Be sure to know how much you can deduct ...

If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income.

These deductions, found on Schedule 1 of IRS Form 1040, reduce your adjusted gross income, or AGI, which means a lower tax bill for you. Learn more: Looking for more tax breaks? Here are popular ...

Your adjusted gross income, or AGI, is your total income minus specific deductions. AGI determines your eligibility for tax credits, deductions, and retirement account contributions. Subtract the ...

Standard deduction vs. itemized deductions The standard deduction is a flat amount that taxpayers deduct from their AGI. How much you can get depends on your filing status. Here are the amounts ...

Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

While many taxpayers know they can deduct certain medical expenses if they exceed 7.5% of their adjusted gross income, few realize this includes travel costs to receive medical care. Specifically ...

How to Find Your Adjusted Gross Income (AGI) to E-file Your Tax Return Included also there would be student loan interest deductions, educator expenses, etc. So those deductions can help you lower ...

Learn more Tax season is officially here. And if saving money is your biggest priority this year, there are plenty of tax ...

and you can write off only those out-of-pocket medical and dental expenses that exceed 7.5% of your adjusted gross income. So if your AGI is $50,000, for example, and you have $4,000 in ...

Knowing your MAGI can help you figure out if you're eligible for certain tax deductions this filing season. Plus, learn how it differs from adjusted gross income. Many, or all, of the products ...

The standard deduction is a flat-dollar reduction to your adjusted gross income (AGI). For the 2024 tax year, the standard deduction for individuals is $14,600 and $29,200 for married filing jointly.