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In search of a $1000 deduction...

Need ideas for a deduction worth at least $1000

Was suprised this week when doing my individual taxes that I only get to deduct $2000 of my daughter's college tuition out of a possible deduction of $4000. Reason? My MAGI is $66K. The $4000 deduction is for MAGI of $65k or less for single. So..... I'm in search of $1000 in income adjustments to get my MAGI to $65k. I am 50 y/o, Head of household, one 19 y/o daughter in college, contribute to 401k at work. Was hoping I could increase my 401k contributions by writing a check but that is not allowed in the law - must be thru payroll deduction. Any other retirement related deduction options available?

Chip L

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Reply to
Chip L
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It's too late now, but before 12/31 you could have prepaid attorneys fees.

The only thing I am aware of that you can deduct in a prior year is an IRA contribution, if made before the return is due. Aside from that you're out of luck. Have you been writing a book (or otherwise create art) that you intend to sell and make money from? If so you can file a Schedule C and write off your expenses. Beware that this one may be risky, because if challenged you'll have to justify that you really intended to make money and were not just doing it as a hobby. Stu

Reply to
Stuart A. Bronstein

How would that have reduced MAGI?

-- Phil Marti Clarksburg, MD

Reply to
Phil Marti

You're right, it wouldn't unless he could take it off on a Schedule C. Stu

Reply to
Stuart A. Bronstein

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