Student loan interest paid and IRA contributions are not itemized deductions according to the Internal Revenue Code of the US.
Medical expenses are an itemized deduction -
Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Property taxes paid in 2024 are an itemized deduction. However, they are included in the SALT deduction with a maximum of $10,000.
To enter student loan interest paid -
Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Education
On Student Loan Interest Paid (Form 1098-E), click the start or update button
Or enter student loan interest in the Search box located in the upper right of the program screen. Click on Jump to student loan interest
To enter, edit or delete an IRA contribution -
Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Retirement and Investments
On Traditional and Roth IRA Contributions, click the start or update button
Or enter ira contributions in the Search box located in the upper right of the program screen. Click on Jump to ira contributions
