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?