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If you are both suffering from student loan debt and are not making too much money (what a rare case), you can deduct some of the interest you paid! But not too much.

You can deduct a maximum of $2,500, so if you paid more than than, you lose out.

Note: if you are married filing separately, this does not count. Sorry.

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If you make less than $80,000 and pay for a dependent to go to college or for college yourself, you can claim up to $4,000! Tuition and associated fees count. Form 8917 allows you to calculate out the estimated benefit you can receive. It pays to learn!

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If you make less than $80,000 and pay for a dependent to go to college or for college yourself, you can claim up to $4,000! Tuition and associated fees count. Form 8917 allows you to calculate out the estimated benefit you can receive. It pays to learn!

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The most blatant example is the “sale of business property,” found on Form 4797. Outside of that, there are other examples, but they are so rare and exclusive that you will know or have to visit a professional to get the number.

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You can pull this from the 1040, Line 14.

The most blatant example is the “sale of business property,” found on Form 4797. Outside of that, there are other examples, but they are so rare and exclusive that you will know or have to visit a professional to get the number.

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Head back to Line 11 and pull out the specific number for rental real estate – this is merely a placeholder and makes little sense on this form, but whatever.

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You did this already!

1040

This comes from the world of “Supplemental Income and Loss” - Schedule E. The myriad of qualifying businesses, engagements, trusts, and income sources is too much, but if you find yourself earning money and see no line that makes sense before this, here’s your form. They are limited cases.

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This comes from the world of “Supplemental Income and Loss” - Schedule E. The myriad of qualifying businesses, engagements, trusts, and income sources is too much, but if you find yourself earning money and see no line that makes sense before this, here’s your form. They are limited cases.

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The same as Line 4

Surprise! Your tax return is taxable in certain cases. Because you can never when. Rather than outline when it is taxable, here’s when it is not. You can find the numbers on the 1099-G form that you got with your return.

  • Instead of using itemized deductions on your taxes, you used the standard deduction.

  • You did itemize, but chose to deduct state and local general sales tax instead of income taxes.

  • You, for whatever reason, did not deduct your state and local taxes the year before (usually, this means an Alternative Minimum Tax issue). So now, you do not have to claim the income as, well, income (you’ve already paid taxes).

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