Q: What is the standard deduction?
A: A set dollar amount that reduces taxable income ($14,600 for singles, $29,200 for married filing jointly in 2024).
Q: Can I itemize deductions?
A: Yes, if your itemized deductions exceed the standard deduction.
Q: What is the Child Tax Credit?
A: A credit up to $2,000 per qualifying child under 17.
Q: What is the Earned Income Tax Credit (EITC)?
A: A refundable credit for low- to moderate-income workers.
Q: Can I deduct student loan interest?
A: Yes, up to $2,500 if you qualify.
Q: Are medical expenses deductible?
A: Yes, if they exceed 7.5% of your adjusted gross income (AGI).
Q: Can I deduct mortgage interest?
A: Yes, for most home loans up to IRS limits.
Q: Are charitable donations deductible?
A: Yes, if you itemize and donate to qualified organizations.
Q: Can I deduct moving expenses?
A: Only for active-duty military moving due to orders.
Q: Can I claim a deduction for IRA contributions?
A: Yes, up to annual IRS limits depending on income.
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