Sentences with phrase «deductible on federal income tax returns»

Your contributions may be deductible on your federal income tax return, so a Traditional IRA can help you save on taxes each year.

Your contributions to a traditional IRA may be tax deductible on your federal income tax return.

Not exact matches

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

My scenario isn't particularly «generous» — only a high wage earner would qualify for an $ 800,000 mortgage, and the interest paid on that mortgage, as well as the property tax, significantly exceeds the standard deduction, as does the state income tax likely paid by that wage earner (as an example, I pay tens of thousands of dollars in state income tax in California — all deductible from my federal tax return).

Property, state income, and local taxes, which had been deductible on your federal return, are now limited to $ 10,000.

When you take a loan and invest the proceeds, the interest that you pay on the loan is deductible on Schedule A, Line 14 of your Federal income tax return under the category of Investment Interest Expense.

In other words, can the value of your time and services while providing pro bono legal services qualify as a charitable contribution that is deductible from gross income on your federal tax return?