Taxpayers may be able to deduct up to $2,500 for student loan interest paid in the tax year. The maximum deduction is subject to certain limits based on the taxpayer's modified AGI.
Taxpayers who had to pay a penalty for early withdrawal from a time deposit savings account can claim the penalty as an adjustment to income on Form 1040 or Form 1040A.
Taxpayers who paid alimony or separate maintenance payments during the year can claim the amounts paid as an adjustment to income on Form 1040.
Employees who continue to receive their regular wages when they serve on jury duty must report their jury pay as taxable income, even though it is turned over to their employers. However, they may claim the amount of Jury Duty Pay given to the employer as an adjustment to income on Form 1040 or Form 1040A.
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