- ABLE. See Achieving a Better Life Experience (ABLE) accounts
- Accelerated death benefits, 74–75, 345–347
- chronically ill, limits for, 75
- Accidents and other car‐related problems, 232
- Achieving a Better Life Experience (ABLE) accounts, 27, 66–67, 109
- education costs and, 108–109
- home and, 150
- Adjusted gross income (AGI), 9. See also Modified adjusted gross income (MAGI)
- Adoption, 17
- Adoption costs, 17–19
- examples of, 17–19
- expenses, qualified, 19
- foreign child, 20–21
- U.S. citizen or resident child, 20
- AGI. See Adjusted gross income (AGI)
- Agriculture. See Farming‐related breaks
- Alimony, 24–27
- cash payments, 25–26
- living apart, 26
- payable under a court decree, 25
- payment responsibility ends on death, 26–27
- Alternative minimum tax (AMT), 46, 135–136, 400, 402, 405, 420–421
- American opportunity credit, 84–88
- costs, qualified higher education, 86
- first 4 years of higher education, 85
- MAGI limit, 87–88
- student eligibility, 85
- Amortization of bond premium, 251–253
- AMT. See Alternative minimum tax (AMT)
- Annuities, deferred income, 266–267
- Appraisal fees and other costs, 206
- Appreciated property donations, 199–204
- donations of property that has declined in value, 203–204
- election to change AGI limit, 202
- holding period, 200
- IRS appraisal, 202–203
- overvaluations, penalty for, 203
- property that is not ordinary income property, 201
- substantiation requirements, 201–202
- tangible property used in the charity exempt purpose, 200
- Apprenticeships, 106, 113
- Archer Medical Savings Accounts (MSAs), 62–65
- Audits
- impact of deductions on, xiii
- Awards, 351
- Bad debts, 327–330
- cancellation, 330
- debtor‐creditor relationship, 328
- loan from after‐tax income or capital, 328
- valid debt, 328
- worthlessness, 329
- Bank deposits, loss on, 238–239
- bad debt, 238–239
- casualty loss, 239
- ordinary loss, 239
- Bargain sales, 210–211
- Below‐market loans, 325–327
- Bond purchases, accrued interest on, 324–325
- Bonds
- municipal, 253–255
- premium, amortization of, 251–253
- savings, 255–257
- Borrowing and interest, 319–332. See also Mortgages
- bad debts, 327–332
- below‐market loans, 325–327
- bond purchases, accrued interest on, 324–325
- business interest, 323–324
- debt forgiveness, 330–332
- home mortgage interest, 320
- investment‐related interest, 325
- retirement plans, borrowing from, 321–322
- student loan interest, 320, 331
- Business, 370–397
- about, 370–397
- business credits, 394–396
- deductions, other, 391–393
- equipment purchases, 378
- farming‐related breaks, 390–391
- gifts, 387–388
- home office deduction, 389
- net operating losses, 396–397
- payment for services, 382–385
- qualified business income deduction, 373–376
- self‐employment tax deduction, 388–389
- start‐up costs, 371–373
- supplies, 385–386
- Business deductions, 391–393
- examples of, 392–393
- nondeductible expenses, examples of, 393
- Business interest, 323–324
- Business travel, 270–275
- expenses, examples of, 270–271
- local overnight stays, 271
- part‐business trips abroad, 272–273
- part‐business trips within the United States, 271–272
- per diem rates, 273
- Business use of personal car, 222–228
- depreciation, 223–224
- dollar limit, 224–226
- employee, 227
- self‐employed person, 227
- standard mileage rate, 223
- substantiation, 226
- Cancellation of debt (COD), 330–332
- Capital gains, ix, 243–245
- qualified dividends, 243–245
- Capital losses, 240–243
- pitfalls, other, 242
- property, inherited, 242
- wash sale rule, 242–242
- Car accidents and other car‐related problems casualty event, 232
- Cars, 222–234
- accidents and other car‐related problems, 232
- business use of personal, 222–228
- clean vehicle credit, 232–233
- donating, 204–206, 232
- employer‐provided, 228–230
- vehicle registration fees, 230–231
- Cash donations, 193–199
- AGI limit, 195
- AGI planning, 197
- carryover, expiration of, 199
- charity, qualified, 194–195
- deductible contributions, examples of, 196
- non‐itemizers, deduction for, 195
- organizations, nonqualified, 198
- substantiation, 195–196
- timing issues, 196–197
- Casualty and theft losses, 334–340
- disaster losses, 334–340
- insurance reimbursements, 336–337
- $100 limit, 337
- $500 limit, 337
- net disaster losses, x, xii, 224, 237
- proof of, 336
- 10% of AGI limit, 337
- Catastrophes. See Insurance and catastrophes
- Chained Consumer Price Index for All Urban Consumers, 422
- Charitable giving, 192–220
- appreciated property donations, 199–204
- bargain sales, 210–211
- car donations, 204–206
- cash donations, 193–199
- clothing donations, used, 204–206
- donor‐advised funds, 217–218
- intellectual property donations, 206–208
- IRA transfers to charity, 186–188, 219
- membership fees to nonprofit organizations, 215–216
- real estate donated for conservation purposes, 208–209
- recordkeeping for, 220
- student exchange program, 216–217
- tickets to fund‐raisers, raffles, and sporting events, 214–215
- volunteer expenses, 212–213
- Charitable transfers of IRA distributions, 186–188
- Charitable travel, 282–283
- CHC. See Cooperative housing corporation (CHC)
- Childless and earned income credit, 10–12
- Child support, 22–24
- Child tax credit, 4–8
- children, qualifying, 3–4
- modified adjusted gross income limit, 6
- refundable credit, 7–8
- Clean energy credit, 148–149
- Clean vehicle credit, 233
- Clothing donations, used, 204–206
- COBRA coverage, 67–69. See also Health insurance
- second COBRA election period, 69
- premium assistance, 69,
- COD. See Cancellation of debt (COD)
- Conservation easements, 210, 318
- Consolidated Appropriations Act, 2021, 150
- Continuing care facilities, 73–74
- Conventions, 278–280
- on cruise ships, 279–280
- foreign, 279
- Cooperative housing, 136–137
- Cooperative housing corporation (CHC), 136–137
- Coverdell education savings accounts, 99–104
- beneficiary, eligibility of, 99
- cash contributions, 100
- elementary and secondary school expenses, examples of eligible, 101
- expenses, eligible, 100
- higher education expenses, examples of eligible, 101
- MAGI for contributors, 99–100
- COVID‐19, 351
- disaster relief, 191
- emergency assistance, 150
- government assistance, 397
- Credit for plug‐in electric drive vehicles, 232–234
- Credits, xi. See also specific credits throughout
- Cryptocurrencies, 267
- Custodial/trustees fees, 185
- Damages, 342–344
- Debts
- bad, 327–330
- cancellation of, 330
- forgiveness, 330–332
- valid, 328
- Decedents
- accelerated death benefits, 74–75, 345–347
- Archer Medical Savings Accounts and, 62–65
- final illness, 76–77
- nondeductible expenses, examples of, 77
- Deductions, x. See also specific deductions throughout
- Deferred income, 266–267
- Dependent Care Assistance, vii, 360–361
- Dependent care expenses, 12–17
- credit percentage based on AGI, 14
- examples of qualifying expenses, 13–14
- expenses on behalf of qualifying dependent, 13
- expenses to earn income, 13
- household expenses, 14
- information about dependent care provider, 14
- joint return, 14
- Dependents, 2–3
- children, qualifying, 3–4
- gross income test, 4
- joint return, 10
- relationship test, 4
- support test, 4
- Digital assets, 267–268
- Disability, 344
- Disability coverage, 344–345
- impairment‐related expenses, 357–358
- Disaster relief payments, 340–342
- Disaster losses, 334–340
- Discounts, 416–417
- District of Columbia (DC zone assets), 259–260
- Donor‐advised funds, 217–218
- Earned income credit, 8–12
- adjusted gross income, 9–10
- children, qualifying, 8–9
- earned income, 9, 9t
- joint return, 10
- Educational institution eligibility, 86
- Educational travel, 283–285
- educational travel costs, examples of, 284
- Education assistance
- employer‐paid, 81–83
- tuition reduction, 82
- Education costs, 79–113
- ABLE accounts, 109
- American opportunity credit, 84–88
- Coverdell education savings accounts, 99–104
- COVID‐19‐related grants, 113
- education travel, 110
- employer‐paid education assistance, 81–83
- FAFSA submissions, 80–81
- government reimbursements, 112–113
- internships and apprenticeships, 113
- IRAs, penalty‐free withdrawals from, 112
- lifetime learning credit, 89–90
- qualified tuition programs (529 plans), 105–109
- scholarships, fellowships, and grants, 83–84
- seminars, 109–110
- student loan cancellation, 111–112
- student loan interest, 93–96, 106
- U.S. savings bonds, interest on, 96–98, 414
- Education savings accounts (ESAs). See Coverdell education savings accounts
- Educator expenses, 350–351
- Electric drive vehicles, credit for, 232–234
- final assembly requirement, 233
- Employer. See also Job
- car provided by, 228–230
- health insurance provided by, 29–30
- paid education assistance, 81–83
- paid retirement planning advice, 186
- Energy‐efficient commercial buildings, deduction for, 315–317
- Energy home improvements, 147–150
- eligible items, 147–148
- energy improvements, 147–150
- limitations, 148
- solar power and fuel cells, 148–149
- Equipment purchases, 376–382
- about, 376–377
- certain improvements to commercial space, 378
- conventions, 380
- election, 378
- examples of, 377–378
- ESAs. See Coverdell education savings accounts
- Estate tax deduction, 414–416
- FAFSA. See Free Application for Federal Student Aid (FAFSA)
- Family and self, 27
- ABLE accounts, 27
- adoption costs, 17–21
- alimony, 24–27
- child support, 22–24
- child tax credit, 4
- dependent care expenses, 12–17
- earned income credit, 8–12
- foster care, 21–22
- marital status, 2
- overview, 27
- Farming, 389
- Farming‐related breaks, 389–391
- deductions, examples of, 390
- Federal Emergency Management Agency (FEMA), 340
- Federal taxes, 402
- Federal unemployment insurance (FUTA), 383
- Fees. See also Dues
- legal, 347, 405–407
- membership to non‐profit organizations, 215–216
- vehicle registration, 230–231
- Fellowships, 83–84
- FEMA. See Federal Emergency Management Agency (FEMA)
- 529 plans, 105–109
- Rollover to ABLE accounts, 66
- Student loan repayment, 106
- Tuition for grades K‐12, 106
- Flexible spending accounts (FSAs), for health care, 51–53, 360
- Foreign earned income, 366–369
- Foreign taxes on investments, 261–264
- Foster care, 23–24
- 401(k) and similar plans, 166
- borrowing from, 321–322
- deferral limits, elective, 171–173
- Free Application for Federal Student Aid (FAFSA) submissions, 80–81
- Frequent flier miles, 286–287
- Fringe benefits, 361–365
- benefits exempt from Social Security and Medicare taxes, 364
- examples of, 364
- FSAs. See Flexible spending accounts (FSAs), for health care
- FUTA. See Federal unemployment insurance (FUTA)
- Gambling losses, 412–414
- Gifts, 387–388, 407–409
- dollar limit, 387
- received, 407–409
- substantiation requirements, 388
- Government reimbursement for educational costs, 112–113
- Government benefits, 417–420
- taxable, examples of, 420
- tax‐free, examples of, 417–418
- Grants, COVID‐19 related, 113, 397
- education, 83–84
- FEMA, 340–341
- Pell, 111
- Head of household, 2
- Health coverage tax credit, 35–38
- eligible individual, 36
- examples of qualifying health insurance, 36–37
- qualifying health insurance, 36
- Health insurance. See also COBRA coverage; Insurance and catastrophes; Medical expenses
- employer‐provided, 29–30
- health coverage tax credit, 35–38
- long‐term care coverage, 48–51
- premium tax credit, 30–35
- rebates, 77–78
- self‐employment deduction, 46–48
- Health reimbursement arrangements, 53
- Health Savings Account (HSA), 56–62
- health insurance, qualifying high‐deductible, 57–60
- Medicare, 57
- Home, 114–150. See also Home office; Mortgages; Vacation home
- ABLE accounts, 150
- cancellation of mortgage debt, 131–132
- cooperative housing, 136–137
- energy improvements, 147–150
- home equity loans, 123–126
- home sale exclusion, 139–144
- late payment penalties, 128–129
- minister's housing allowance, 137–139
- mortgage insurance, 129–130
- mortgage interest tax credit, 121–123
- mortgages, 115–121
- moving expenses, 145–147
- penalty‐free IRA withdrawals for home‐buying expenses, 132–133
- points, 123–126
- prepayment penalties, 126–127
- real estate taxes, 134–136
- reverse mortgages, 130–131
- Home equity loans, 123–126
- Home mortgage interest, 320
- Home office, 150, 297–302. See also Home; Mortgages; Timeshares
- business deduction, 391–393
- exclusive use test, 299–300
- gross income limitation, 300
- home office deduction, 389
- IRS‐set standard deduction, 297–298
- place to meet or deal with customers, 299
- principal place of business, 299
- separate structure, 299
- Home office deduction, 150, 297–302
- Home sale exclusion, 139–144
- capital improvements, examples of, 142–143
- main home, 140–141
- ownership test, 141
- partial exclusion, 141–142
- use test, 141
- Household income, description of, xi
- HSA. See Health Savings Account (HSA)
- Identity theft losses, 347–348, 433
- about, 347–348
- relief for, 348
- Impairment‐related expenses for work, 357–358
- impairments, examples of, 357
- Incentive stock options (ISOs), exercise of, 264–265
- Individual retirement accounts (IRAs), 57, 152. See also 401(k) and similar plans; Roth IRAs
- account losses, 161
- borrowing limitations, 160
- cash contributions, 154–156
- charitable transfers of distributions, 186–187, 193, 219
- contributions penalty, excess, 157–158
- distribution penalties, early, 156–157
- earned income, 153–154
- insufficient withdrawals, penalty for, 158–160
- investment limitations, 160–161
- penalty‐free withdrawals for home‐buying expenses, 132–133
- penalty‐free withdrawals from, 112
- QCDs, see charitable contribution distributions,
- retirement savings, traditional, 152–162
- rollovers, 166–167
- Roth, 162–166
- traditional, 152–162
- transfers to charity, 219
- Inflation, items adjusted annually for, 422–427
- Inheritances, 409–411
- In respect of a decedent (IRD), 414
- estate tax deduction, 414–416
- Insurance and catastrophes, 333–348. See also Health insurance
- accelerated death benefits, 345–347
- appraisal fees, 206
- casualty, theft, and disaster losses, 334–340
- damages, 342–344
- disability coverage, 344–345
- disaster relief payments, 340–342
- identity theft losses, 347–348
- legal fees, 347
- Intellectual property donations, 206–208
- Interest. See Borrowing and interest
- Internal Revenue Service (IRS)
- Dirty Dozen tax scams, 432
- mileage rate, 222
- Internships, 113
- Investing, 235–268
- bank deposits, loss on, 238–239
- bond premium, amortization of, 251–253
- capital gains and qualified dividends, 243–245
- capital losses, 240–243
- DC zone assets, 259–260
- financial advice, fees for, 236
- foreign taxes on investments, 261–264
- incentive stock options, exercise of, 264–265
- margin interest and other investment‐related borrowing, 249–251
- municipal bonds, 253–255
- opportunity zone, deferral of gain, 260–261
- Ponzi schemes, losses from, 265
- safe‐deposit box rental fees, 236
- savings, penalty on early withdrawal of, 236–238
- savings bonds, 255–257
- Section 1202 exclusion, 257
- Section 1244 stock, loss on, 247–249
- securities, worthless, 245–247
- small business stock, gain on sale of, 257–258
- Investment‐related interest, 322
- IRAs. See Individual retirement accounts (IRAs)
- IRD. See In respect of a decedent (IRD)
- IRS. See Internal Revenue Service (IRS)
- ISOs. See Incentive stock options (ISOs), exercise of
- Itemized deductions, 137
- audits and, xiii
- overall limit on, xii–xiii
- versus standard deduction, xi–xiii
- Job, 349–369. See also Employer; Job‐related education
- contributions to state benefit programs, 360
- educator expenses, 350–351
- fringe benefits, 361–365
- impairment‐related expenses, 357–358
- income earned abroad, 365–369
- jury duty pay turned over to employer, 356–357
- military benefits, 358–360
- performing artists, 352–353
- prizes and awards, 351–352
- repayment of supplemental, 354–356
- unemployment benefits, 354–356
- state or local government officials paid on a fee basis, 354
- Job‐related education, 90–92. See also Job
- deductible courses, examples of education expenses, eligibility of, 92–93
- employed or self‐employed, 91
- maintain or improve skills required by employer or by law, 92
- minimum job requirements, 91–92
- non‐deductible courses, examples of, 92
- not a new line of work, 92
- Joint and survivor annuity, 266
- Jury duty impairment‐related expenses, 356–357
- pay turned over to employer, 356
- Late payment penalties, mortgages, 128–129
- Leave‐based donation program, 219–220
- Legal fees, 347, 405–407
- deductible, examples of, 404
- non‐deductible, examples of, 433
- Life insurance proceeds, 411–412
- Lifetime learning credit, 89–90
- higher education, 89–90
- student eligibility, 89
- Like‐kind exchanges, 312–315
- Loans, 325–327. See also Mortgages; Student loans below‐market
- from retirement plan, 190
- Long‐term care coverage, 48–51. See also Nursing homes
- deduction, conditions for, 49–51
- exclusion, conditions for, 15
- Low‐income housing credit, 309–310
- low‐income housing building, 309–310
- MAGI. See Modified adjusted gross income (MAGI)
- Margin interest and other investment‐related borrowing, 249–251
- borrowing for investment purposes, 250
- net investment income, 250
- Marital status, 2
- Master limited partnership (MLP), 161
- Medical expenses, 28–78. See also Health insurance; Insurance and catastrophes
- ABLE accounts, 65–67
- accelerated death benefits, 74–75
- Archer Medical Savings Accounts, 62–65
- COBRA coverage, 67–69
- continuing care facilities and nursing homes, 73–74
- decedent's final illness, 76–77
- employer‐provided health insurance, 29–30
- flexible spending accounts for health care, 51–53
- health coverage tax credit, 35–38
- health reimbursement arrangements, 53
- Health Savings Account, 56–62
- itemized, 38–46
- long‐term care coverage, 48–51
- medical insurance rebates, 77–79
- Medicare, 69–73
- premium tax credit, 30–35
- qualified small employer health, 55–56
- reimbursement arrangements, 53
- self‐employed health insurance deduction, 46–48
- travel, 280–282
- Medical savings accounts. See Archer Medical Savings Accounts (MSAs)
- Medical travel, 280–282
- Medical travel costs, examples of, 281
- Medicare, 69–73
- health savings accounts and, 56–57
- medical expenses and, 69–73
- taxes, 389
- Membership fees to non‐profit organizations, 215–216
- Military benefits, 358–360
- tax‐free benefits, examples of, 358–360
- Minister's housing allowance, 137–139
- MLP. See Master limited partnership (MLP)
- Modified adjusted gross income (MAGI), 6. See also Adjusted gross income
- American opportunity credit limit, 84–88
- Coverdell education savings accounts for contributors, 99–104
- description of, 294
- retirement saver's credit, limit, 182–185
- Roth IRAs, limit, 162–166
- savings bonds interest limits, 96–98
- student loans limits, 93–96
- Mortgage debt, cancellation of, 131–132
- Mortgage insurance, 129–130
- Mortgage interest tax credit, 121–123
- home, qualified, 122
- mortgage credit certificate, qualified, 122
- Mortgages, 115–121. See also Borrowing and interest; Home; Home mortgage interest; Home office; Loans
- acquisition indebtedness, 116–117
- debt secured by the home, 117
- distressed homeowners, 119–120
- personal liability, 118
- two‐residence limit, 117–118
- Moving expenses, 145–147
- deductible travel expenses for the moving deduction, examples of, 145–146
- nondeductible, examples of, 146–147
- MSAs. See Archer Medical Savings Accounts (MSAs)
- Municipal bonds, 253–255
- state income tax treatment of interest, 254
- National Guard and military reservist, 285–286
- Net operating losses (NOL), 396–397
- Nondeductible items, checklist of, 432–437
- Non‐fungible tokens (NFTs), 267
- Nursing homes, 73–74. See also Long‐term care coverage
- Olympic medals, 420
- Opportunity Zones, 260
- Paycheck Protection Program (PPP) loans, 397
- Payment for services, 382–385
- performance of work, 383
- reasonable payments, 383
- timeliness of payment, 383–384
- worker classification, 383
- Penalty on early withdrawal of savings, 236–238
- Per diem rates, 273
- Performing artists, 352–353
- married individuals, special rule for, 353
- Personal protective equipment (PPE), 51, 58, 351
- Phishing, 432
- Points, 124–126
- deductibility, immediate, 124–125
- deductibility, over the term of the loan, 125–126
- Ponzi schemes, losses from, 265
- PPE. See Personal protective equipment (PPE)
- Premium tax credit, health care coverage, 30–35
- application for credit, 31
- coverage through an exchange, 31
- household income limits, 31–32
- information returns, 33–34
- unaffordable employer coverage, 33
- Prepaid tuition plans, 105
- Prepayment penalties, mortgages, 126–127
- Prizes and awards, 351–352
- QBI. See Qualified business income (QBI) deduction
- QCD. See Qualified charitable distribution (QCD)
- QSEHRAs. See Qualified small employer health reimbursement arrangements (QSEHRAs)
- QTPS. See Qualified tuition programs (QTPS)
- Qualified business income (QBI) deduction, 373–376
- Qualified charitable distribution (QCD), 186–187, 219
- Qualified dividends, 243–245
- Qualified improvement property, 317–318
- Qualified small employer health reimbursement arrangements (QSEHRAs), 55
- Qualified tuition programs (QTPs; 529 plans), 105–109
- expenses, qualified, 106
- programs, 106
- Real estate, 290–318
- conservation easements, 318
- donated for conservation purposes, 208–210
- energy‐efficient commercial buildings, deduction for, 315–317
- home office, 297–302
- low‐income housing credit, 309–310
- professional, 295, 297
- rehabilitation credit, 310–312
- rentals, 302–309
- taxes, 134–136
- timeshares, 302
- vacation home, 291–297
- Rebates, 416–417
- Recordkeeping for charities, 220
- for travel expenses, 288–289
- Refundable credit, 7–8
- Rehabilitation credit, 310–312
- historic structures, 311
- minimum rehabilitation, 311
- Rentals, 302–309
- deductible rental expenses, examples of, 303
- depreciation rates for residential rental property, 307
- passive loss limitations, 303–304
- Reservists, 285–286
- Retirement plans, borrowing from, 321–322
- Retirement savers credit, 182–185. See also Individual retirement accounts
- individual, eligible, 184
- MAGI limit, 184–185
- retirement savings contributions, qualified, 183–184
- Retirement savings, 151–191
- charitable transfers of IRA distributions, 186–188
- custodial/trustee fees, 185
- employer‐paid retirement planning advice, 186
- 401(k) and similar plans, 170–173
- IRA rollovers, 168–170
- retirement savers credit, 182–185
- Roth IRAs, 162–167
- self‐employed retirement plans, 173–177
- SIMPLEs, 179–181
- traditional IRAs, 152–162
- Reverse mortgages, 130–131
- Rollovers, IRA, 168–170
- direct transfers, 168
- distribution and reinvestment, 168–170
- Roth IRAs, 162–167
- Safe harbor rule, 381
- SALT deduction, 399
- Savings, penalty on early withdrawal of, 236–238
- Savings bonds, interest on, 96–98, 255–257
- eligibility of, 96
- IRD, 414
- MAGI limit, 97
- redemption proceeds, qualified use of, 97–98
- taxpayer, eligibility of, 97
- Scholarships, 83–84
- Section 1202 stock, exclusion for gain 257–258
- Section 1244 stock, loss on, 247–249
- dollar limit, 248–249
- requirements, 248
- Section 1244 stock, 247–251
- Securities, worthless, 245–247
- totally worthless, 246
- value in the prior year, 245–246
- Self‐employed individuals, 371
- business use of car, 228–230
- health insurance deduction, 46–48
- home office deduction, 389–397
- retirement plans, 173–179
- self‐employment tax deduction, 388–389
- Self‐employed retirement plans, 173–177
- Self‐employment tax deduction, 388–389
- Seminars, 109
- SEPs (simplified employee pension), 177–179
- SIMPLEs (savings incentive match plans for employees), 179–182
- deferral limit, elective, 180
- employer contribution, required, 180–181
- Simplified employee pension (SEPS), 177–179
- Single life annuity, 266
- Small business stock, gain on sale of, 257–258
- holding period, 258
- small business stock, 257–258
- Social Security, 364
- Standard deduction, xi–xii
- Standard mileage rate, 222
- Start‐up business costs, 371–373
- State benefit programs, contributions to, 360–365
- State or local government officials paid on a fee basis, 354
- State and local taxes, 400–402
- income, 399–400
- sales, 400–402
- Student exchange program, 216–217
- Student loan repayment, 82
- Student loans cancellation, 111–112
- interest on, 320
- MAGI limits, 94–95
- qualifications, 94
- Supplies, 385–386
- deductible, examples of, 385–386
- Self‐employment tax, 388–389
- TAA. See Trade Adjustment Assistance (TAA)
- Tax Court, 91, 112
- Tax‐deferred income, 155
- Taxes
- Tax‐favored items, 104
- Tax‐free income, 163
- Tax‐free items, checklist of, 428–431
- Tax refunds, 403–405
- Teachers. See educator expenses,
- Telephone scams, 432
- Temporary work assignments, 275–278
- away from home, 276–277
- definition of, 276
- regular place of business, 276
- Thefts, 334
- Tickets to fund‐raisers, raffles, and sporting events, 214–215
- special limit for tickets to school athletic events, 214–215
- Timeshares, 302
- Trade Adjustment Assistance (TAA), 35
- Travel, 269–289
- business, 270–275
- charitable, 282–283
- conventions, 278–280
- educational, 283–285
- frequent flier miles, 286–287
- medical, 280–282
- National Guard and military reservist, 285–286
- recordkeeping for, 288–289
- temporary work assignments, 275–278
- Tuition, ABLE account, 109
- American opportunity credit, 84
- lifetime learning credit, 85
- payment from Coverdell ESAs, 99
- payment from 529 plans, 105
- penalty‐free IRA distributions, 112
- savings bond redemption, 96
- Wash sale rule, 241–242
- Worthless securities, 245–247
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