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What Is My Income Tax Deduction Based On?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:53 AM
OVERVIEW

Tax deductions allow you to reduce the amount of your income that is subject to income tax. These deductions are based on a variety of factors. Some relate to expenses you pay during the year while others are fixed by the government and have no relation to any costs you incur. Since each deduction has different criteria, the amount you claim is also based on whether you can satisfy all of the requirements.

 

Key Takeaways

  • Above-the line deductions allow you to deduct certain expenses from your gross income to arrive at your adjusted gross income, or AGI.
  • Above-the line deductions, including contributions to Individual Retirement Accounts (IRAs), are generally deductible regardless of whether you claim the Standard Deduction or itemized your deductions.
  • Below the line deductions are typically only available when you itemize deductions.
  • If you don’t itemize deductions, you’re eligible to claim a Standard Deduction of $14,600 if you file Single, or Married Filing Separately; or $29,200 if you’re Married Filing Jointly; or $21,900 if you file as Head of Household (tax year 2024).

Above the line deductions

The tax laws allow a number of deductions from your gross, or total, income to arrive at your adjusted gross income, or AGI. If you qualify for any of these deductions, they are generally deductible regardless of whether you claim the Standard Deduction or itemize your deductions. A couple of these deductions include student loan interest and deductible contributions to Individual Retirement Accounts (IRAs).

Often, these deductions are limited if your modified adjusted gross income amount is too high. In 2024 for example, you can deduct up to $2,500 of student loan interest payments if your MAGI is less than $75,000. Your MAGI for this purpose equals the AGI you report on your tax return increased by the amount of your student loan interest deduction. In other words, it is what your AGI would be if you did not claim a deduction for student loan interest.

Below the line deductions

There are many deductions that are only available when you itemize your deductions. Many of these deductions will face separate limits that are determined by your AGI. For example, in most years, your annual charitable contribution deduction is limited to a percentage of your AGI depending on the classification of the receiving charity. A second example is your medical expense deductions you report as part of your itemized deductions. These expenses are only deductible to the extent they exceed 7.5 percent of your AGI.  Using your AGI as a limitation ensures that you cannot eliminate your all of your income through deductions.

TurboTax Tip:

If your itemized deductions exceed the Standard Deduction, then you can usually enhance your tax savings by itemizing and attaching a Schedule A to your tax return.

Claiming exemptions

Through 2017, each dependent you claim on the return allows you to reduce your taxable income by a set exemption amount. For example, if during 2017 you have two minor children who you are able to claim as dependents, claiming both of them allows you to take two exemptions. These exemptions work like deductions in that they reduce your taxable income by $8,100 ($4,050 for each dependent). However, you may not claim any dependents, even for your children, if you are eligible to be a dependent of another taxpayer.

Beginning in 2018, there are no longer any dependent exemption deductions. Instead, you can claim a credit for each person that is claimed as a dependent.

Your filing status and deductions

Every taxpayer who does not itemize their deductions is typically eligible to claim a Standard Deduction. Federal law determines the amount of these deductions each year and bases the amount you can claim on your filing status.

In 2024, if you file Single or Married Filing Separately and under 65 years of age, your Standard Seduction is $14,600; if Head of Household, the amount increases to $27,900. If you are Married Filing Jointly, your combined Standard Deduction with your spouse is $29,200.

When evaluating whether to itemize your deductions instead of taking the Standard Deduction, you must compare your total expenses to the appropriate Standard Deduction amount for your filing status. If your itemized deductions exceed the Standard Deduction, then you can usually enhance your tax savings by itemizing and attaching a Schedule A to your tax return.

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~37% of filers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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Examples of situations included in a simple Form 1040 return (assuming no added tax complexity):

  • W-2 income
  • Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B
  • IRS standard deduction
  • Earned Income Tax Credit (EITC)
  • Child Tax Credit (CTC)
  • Student loan interest deduction
  • Taxable qualified retirement plan distributions

Examples of situations not included in a simple Form 1040 return:

  • Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions
  • Unemployment income reported on a 1099-G
  • Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers)
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  • Income from rental property or property sales
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