December 2022
Beginner to intermediate
464 pages
12h 7m
English
Content preview from J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition
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APPENDIX BChecklist of Tax‐Free Items
When items are not included in income, and in some cases not even reported on the return, there are considerable tax savings. Here is a list of tax‐free items for 2022 tax returns.
- 529 plan withdrawals to pay qualified education costs
- ABLE account withdrawals to cover qualified expenses for a disabled beneficiary
- Accelerated death benefits under a life insurance policy
- Adoption costs paid by employer up to $14,890 in 2022
- Awards to certain employees (usually up to $1,600)
- Bequests
- Black lung benefit payments
- Capital gains and capital gain distributions for those with taxable income below a set amount
- Charitable transfers of IRA distributions up to $100,000 by those age 70½ and older (reduced by post‐70½ IRA contributions)
- Child support payments
- Coverdell education savings account withdrawals to pay education costs
- Crime victim payments from a state fund for this purpose
- Damages received for personal physical injury
- Damages received for wrongful incarceration
- Debt discharged during insolvency or bankruptcy
- Dependent care expenses paid by employer up to $5,000
- Disability payments under a policy in which you paid the premiums
- Disaster relief payments and disaster mitigation grants
- Discounts on purchases you make
- Dividends for those with taxable income below a set amount if the dividends are “qualified”
- Education courses paid by employer (fully excluded if job‐related; up to $5,250 if not job‐related)
- Federal Employees' Compensation Act (FECA) ...
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