Tax Slayer entry:
Federal Section > Deductions > Adjustments
[S1-23] Educator expenses:
- K-12, 900 hours minimum, not home school.
- Limited to $250 for the taxpayer and $250 for the spouse.
- Amount above that may be taken as an itemized deduction on schedule A in the 2% section.
[S1-25] Health Savings Accounts:
Requires HSA certification – See the dedicated page for HSAs
[S1-26] Moving Expenses:
Requires Military certification.
[S1-27] Deductible part of self-employment tax:
This amount will be filled in automatically as self-employment income and expenses are entered.
[S1-29] Self-employed health insurance:
- In scope beginning in tax year 2018.
- Enter on the self-employment expenses TaxSlayer form.
- Do not also include as a medical expense if filing Schedule A.
[S1-30] Penalty on early withdrawal of savings:
- This amount will be filled in automatically based on 1099-INT statements.
[S1-31] Alimony paid:
- Enter amount and ex-spouse’s SSN
- If SSN is unknown, enter 111-00-1111, write unknown above SSN and paper file.
- After 12/31/2018, new alimony agreements will not be deductible, nor reportable as income. Modified agreements still are deductible and reportable unless specifically stating the change in filing rules.
[S1-32] IRA deduction:
- A new “MyRA” IRA provision was created in 2014 and is a qualified IRA for this deduction.
- Depending on salary, retirement plan and other factors, all amounts contributed may not be allowed as an adjustment.
- If contributions exceed the allowed amount (excess contributions) inform the taxpayer that the excess must be removed before the filing deadline to avoid an additional 6% tax. The return can still be e-filed now.
- ⚠ CAUTION : There seems to be no error indication if the allowed contribution is exceeded, just no adjustment entry shows up on the 1040. Always verify the amount shown on Form 1040.
[S1-33] Student loan interest deduction:
- Maximum allowed is $2,500 and decreases to 0 in the AGI rage of $65,000 – $80,000 ($130,000 – $160,000 for MFJ).
- As of 2018, forgiveness of student loans due to death or disability are not included in taxable income.
[S1-34] Tuition and Fees:
- Currently not supported in 2018 (will this be extended???)
See the Education options resource page
[S1-36] Jury Duty Pay turned over to employer:
- Enter jury duty pay on the Federal Section > Income > Other Income > Other Inc. Not Reported Elsewhere TS page. Describe as “Jury Duty Pay”.
- If the taxpayer had to give some or all of the jury duty pay to the employer, enter the amount given to the employer on the Federal Section > Deductions > Adjustments > Other Adjustments TS page.
- Any payment for travel, food or lodging is not included in income