WebI need help with above the line tax deduction : r/tax. Total Deductions $27,239.68. standard $12,550.00. ira $6,000.00. propety tax $2,843.76. mortgage interst $4,893.58. supplemental tax $952.34. Are there any more deductions I can claim to reduce my tax bill other than a 529 account or charitable donation deduction? WebJul 15, 2024 · The purpose of the CARES Act’s $300 charitable ‘deduction’ was to promote charitable giving during the crisis by providing this ‘above the line’ tax incentive to the approximately 90% of all taxpayers who now use the enhanced standard deduction. The CARES Act provides that the new deduction cannot be used by itemizing taxpayers.
Here’s Why Above-The-Line Deductions Are So Valuable
Webto 100% and an above-the-line deduction for taxpayers taking the standard deduction. While these two benefits are now expired, there are still charitable planning opportunities. Here’s what works in 2024: 1. Qualified Charitable Distributions: If an IRA owner is at least 70½, a qualified charitable distribution (QCD) WebApr 13, 2024 · For example, Congress allowed taxpayers to receive guaranteed tax benefits for some charitable contributions made during the pandemic as above-the-line deductions, instead of the usual requirement ... richard a kelly
2024 Year-End Tax Planning Tips
WebThe $300 above-the-line charitable deduction has been extended for single filers who do not itemize deductions. For 2024, this above-the-line deduction is increased to $600 for married couples filing jointly who do … Web2 days ago · Itemized deductions include: charitable contributions, state and local income and property taxes, mortgage interest and casualty loss if you live in a federally declared disaster area. ... But even if you just take the standard deduction you may also take in addition what are called “above-the-line” deductions. ... may claim a maximum … WebMar 1, 2024 · Specifically, the bill would make available to taxpayers, who do not itemize on their tax return, a below-the-line deduction for charitable giving on federal income taxes valued at up to one-third of the standard deduction (around $4,500 for an individual filer and around $9,000 for married joint filers). The standard deductions for tax year ... redisstudio github