Returning to the example above, say you contributed $3,000 to your HSA in 2021. When you subtract that amount from your gross income, your AGI is $83,000.itemizing deductions or claiming the standard deductionThe standard deduction is a flat amount determined by the IRS based on your filing status. To itemize deductions, you have to keep track of amounts you paid for things like out-of-pocket medical expenses, home mortgage interest, state and local taxes , and charitable contributions.
You list each of these expenses onFor 2021, even if you don’t itemize, you can claim up to $300 of cash donations to qualifying charities on line 12b of your Form 1040.Owners of pass-through businesses may be able to claim theYour gross income minus all available deductions is your taxable income. Compare that amount to yourBack to our example: Say you claim the standard deduction in 2021 , made a cash donation of $300 to the food bank, and don’t qualify for the QBI deduction.
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