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Form Instructions 1040-A for New Jersey: What You Should Know
Deductions. For example, most of the charitable deductions will reduce your taxable income. If, on the other hand, you have a high mortgage or credit card interest deduction, the difference may be more than your itemized deductions. The most common deduction is: • Charitable contributions to charity • Expenses you pay for educational or hospital care (if you are an individual) • Capital Gains Itemized deductions reduce your taxable income depending on how much of your income each one takes. The amounts below can help you estimate the size of your deduction: • Required Minimum Distributions • Social Security benefits • Unreported IRA benefits • Qualifying education expenses • Medical expenses • Deductible home mortgage interest • Medical expenses • Mortgage interest from your primary residence • Home office expenses • Medical expenses paid by you or your spouse under a health insurance policy that covers you and your spouse • Medical expenses and other out-of-pocket medical expenses • Deductible expenses for: • Qualifying retirement plan expenses • Fares and taxes • Insurance premiums • Expenses for the cost of health coverage under a health insurance policy that you are covered by • or under a plan that your spouse receives through an employer Tax Year 2018 Itemized deductions as of January 2019 Income: 1,008,300 (taxable income) Deductible health care expenses: 1,000 Employer-sponsored retirement plan (ESR) contributions: 500 (100%) Pensions from 401(k)s and similar plans: 250 (50%) Other deductions: 300 Tax-free income before any other taxes: 1,008,000 Taxable income: 1,000,000 Itemized deductions as of February 2019 Income: 1,013,800 (taxable income) Deductible health care expenses: 800 Other deductions: 600 Tax-free income before any other taxes: 1,013,400 Taxable income: 1,050,000 I know, this whole process is confusing, but now you have a detailed breakdown of what taxes you may be eligible to deduct.
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