Index

  • 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)
    • description of, x– xi
  • 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
    • death and, 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
    • W‐2 limit, 374
  • 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
  • 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
  • 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
    • medical insurance, 77–78
  • 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
    • examples of, 372
  • 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
    • foreign, 261–264
  • 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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