Sentences with phrase «deduction during the taxable year»

You can only claim a casualty loss deduction during the taxable year that the car accident occurred and must report any compensation you receive for the loss (i.e. settlement or judgment).

Not exact matches

The student loan interest deduction allows taxpayers with qualified student loans (loans taken out solely to pay qualified higher education expenses) to reduce taxable income by $ 2,500 or the interest paid during the year, whichever is less.

The federal tuition and fees deduction allows qualifying taxpayers to reduce their taxable income by up to $ 4,000 for qualifying educational costs they paid during the year.

Tax deductions — these are expenses you've had during the year which you can deduct from your taxable income.

You may take a deduction for certain medical and dental expenses incurred during the taxable year.

Yes, effective for tax years beginning after December 31, 2016, a taxpayer may be eligible for either a deduction from federal taxable income for Minnesota income tax purposes or a tax credit on contributions to an Account during a taxable year.

Effective for taxable years beginning on or after January 1, 2016, you may claim a deduction for the amount contributed during the taxable year to an ABLEnow account entered into with the Virginia College Savings Plan.

Medical, dental, etc., expenses (a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), to the extent that such expenses exceed 7.5 percent of adjusted gross income.

«(II) any deduction under section 832 (b)(4)(A) from the amount of gross premiums written on insurance contracts during the taxable year for premiums paid for reinsurance, and

In order for the second residence to qualify for the deduction, it must be used for the greater of either 14 days or 10 percent of the number of days during the taxable year for which the unit is rented at a fair market value.

You probably know that if you itemize your deductions on your federal income tax return you can deduct the mortgage interest you paid during the year from your taxable income.

Any amount payable under this paragraph shall be taken into account in computing the amount of any deduction allowable to the taxpayer for interest paid or accrued during such taxable year.