These deductions reduce your Adjusted Gross Income and are the most important. Let's take a look. Editor's Note: This article is part of our 2014 Tax Tips series. Robert Flach is an expert with ...

This above-the-line deduction takes some pain out of your pesky student loan bill. If you repaid eligible higher education loans in 2018, you can deduct up to $2,500 in interest as an above-the ...

Tax filers might assume that tax deductions are reserved for those filers who itemize on their tax returns. Instead, they can take the standard deduction and still qualify to write off these expenses.

What is an Above The Line Deduction. Expenses deducted to calculate a taxpayer's adjusted gross income (AGI). These differ from itemized deductions, which are amounts deducted from the determined AGI.

So claiming above-the-line deductions that lower your AGI makes more of your medical expenses deductible. To illustrate, say your gross income is $100,000, and you have $7,500 of out-of-pocket ...

An above-the-line deduction is an item that is subtracted from gross income in order to calculate adjusted gross income on the IRS form 1040. Skip to content. News Markets Companies ...

Taxpayers can take certain deductions, called above-the-line deductions, even if they don't itemize. That means they don't have to spell out every deduction on their tax return.