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Month: August 2023

What Are Above-the-Line Tax Deductions?

Hudson, NH Resident Seeks Clarification

Above-the-line tax deductions are those qualified items that are deducted from gross income to
calculate adjusted gross income. The most common above-the-line deductions include IRA and other
qualified retirement contributions, healthcare expenses, business expenses, and student loan interest.
Above-the-line deductions can be taken even if you are not itemizing deductions when filing taxes. This
allows those who have more advantage taking the standard deduction versus itemizing to still take
advantage of these above-the-line tax savings. To calculate this, all above-the-line deductions are
combined and are then used to determine your adjusted gross income, reducing overall taxable income.
This is separate from the standard deduction or itemized deductions, which can then be taken from the
adjusted gross income.

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How to Get Copies of Past Tax Returns

Londonderry, NH Taxpayer Seeks Advice

The IRS can provide copies of tax returns for the past seven years. You can request a copy of your tax
return by submitting Form 4506 to the IRS. There is a fee of $43 associated with this request and should
be submitted at the time of sending the form. It may take the IRS up to 60 days to process this request.
Once processed, the tax documents will be mailed to you. If you had a third-party assist in preparing
your tax return, they may have copies and be able to provide you with this information without needing
to wait for the IRS.

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