Above-the-Line Deductions
This deduction type includes mortgage interest, state and local taxes, medical expenses, and charitable contributions.
What are itemized deductions?
This tax applies to net earnings of $400 or more from a sole proprietorship or freelance work.
What is self-employment tax?
This nonrefundable credit helps offset the cost of care for dependents while the taxpayer works or looks for work.
What is the Child and Dependent Care Credit?
Individual income tax returns are due on this date in 2025 (for the 2024 tax year).
What is April 15, 2025
A taxpayer who dies during the year must have this type of return filed for their final income.
What is a final Form 1040 return?
What is the educator expense deduction (up to $300 in 2024)?
High-income earners may be subject to this additional tax on earned income over certain thresholds.
What is the Additional Medicare Tax?
This education credit is partially refundable and can be claimed for the first four years of higher education.
What is the American Opportunity Credit?
This form is used to request an automatic 6-month extension to file your return.
What is Form 4868?
If a taxpayer dies before filing their return for the year, this person is typically responsible for filing the final return.
Who is the surviving spouse or personal representative?
Mortgage interest is deductible on acquisition debt up to this amount for loans taken after December 15, 2017.
What is $750,000?
Taxpayers may be charged this if they don't pay enough ta through withholding or estimated payments.
What is they underpayment penalty?
This credit is available to taxpayers with low to moderate income, especially those with qualifying children.
What is the Earned Income Credit (EIC)?
This form is used to correct a previously filed individual tax return.
What is Form 1040-X?
income earned by a trust or estate after a person's death is reported under this type of taxpayer identification number.
What is an Employer Identification Number (EIN)
To deduct a charitable contribution of $250 or more, a taxpayer must have this form of documentation.
The IRS imposes this 3.8% tax on certain investment income for high-income individuals.
What is the Net Investment Income Tax (NIIT)?
This credit is for eligible low-income taxpayers who contribute to a retirement account.
What is the Saver's Credit (Retirement Savings Contributions Credit)?
Filing an extension gives you more time to file, but not more time to do this.
What is pay your taxes?
A nonresident alien is generally taxed only on this type of income.
What is U.S.-source income?
Medical expenses are deductible only to the extent they exceed this percentage of AGI.
What is 7.5%?
This tax is owed by individuals who make excess contributions to certain tax-advantaged accounts, like IRAs or HSAs.
What is the excise tax?
This nonrefundable credit may be claimed for qualifying dependents who do not qualifying dependents whos do not qualify for the child tax credit.
What is the Credit for Other Dependents?
Taxpayers who are U.S. citizens or residents living abroad on the regular due date are automatically granted to extension to file.
What is a 2-month extension (until June 15)?
This form is used to elect portability of a deceased spous;s unused estate and gift tax exemption.
What is Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return)?