Close Menu
The Politic ReviewThe Politic Review
  • Home
  • News
  • United States
  • World
  • Politics
  • Elections
  • Congress
  • Business
  • Economy
  • Money
  • Tech
Trending

Trump Says he Prioritised Trade Deal With UK Because It’s a Reliable NATO Ally, Unlike Questionable Europe

July 15, 2025

Dem Rep. Bera on CA Raids: Trump Will Lose Support, He’s ‘Gone After Kids’

July 15, 2025

Air India Flight 171: Pilot’s Medical Records Handed to Investigators, Reportedly Struggling with Mental Health Issues – Reports Say a Crew Member Cut off Fuel to Engines

July 15, 2025
Facebook X (Twitter) Instagram
  • Donald Trump
  • Kamala Harris
  • Elections 2024
  • Elon Musk
  • Israel War
  • Ukraine War
  • Policy
  • Immigration
Facebook X (Twitter) Instagram
The Politic ReviewThe Politic Review
Newsletter
Tuesday, July 15
  • Home
  • News
  • United States
  • World
  • Politics
  • Elections
  • Congress
  • Business
  • Economy
  • Money
  • Tech
The Politic ReviewThe Politic Review
  • United States
  • World
  • Politics
  • Elections
  • Congress
  • Business
  • Economy
  • Money
  • Tech
Home»Money»6 Above-The-Line Tax Deductions For Those Who Claim Standard Deduction
Money

6 Above-The-Line Tax Deductions For Those Who Claim Standard Deduction

Press RoomBy Press RoomJune 17, 2025No Comments3 Mins Read
Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email VKontakte Telegram

CHICAGO – NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal … More

Getty Images

When you file your taxes, one of the biggest decisions is whether you should claim the standard deduction or go through the chore of itemizing your deductions.

With the standard deduction of $15,000 for individuals and $30,000 for married couples filing jointly, itemizing requires a significant sum of deductions to make it worth it.

But did you know there are “above-the-line” deductions that you can claim even if you claim the standard deduction?

Many of these deductions are claimed on Schedule 1 of your Form 1040, which can be a guide to finding these above-the-line deductions.

Here are a few of the more uncommon ones:

1. Early Withdrawal Penalties on Bank Deposits

If you had to withdraw money early from a certificate of deposit (CD), you likely paid a penalty depending on the terms of the CD. For many CDs, you pay the equivalent of 6-months or more of interest back to the bank if you have to access your funds early.

Fortunately, this is deductible on Line 18 – Penalty on early withdrawal of savings.

2. Student Loan Interest

If you paid student loan interest, you could get a tax break on up to $2,500 of payments as long as you qualify. There are income restrictions. You do not qualify if you have income over $80,000 for single filers and $165,000 for those married filing jointly.

This can be found one Line 21 – Student loan interest deduction.

4. Alimony for Divorces Before 2019

If you were divorced before the start of 2019, your alimony payments are deductible from your income on Schedule 1 of your Form 1040, Line 19a – Alimony paid. If your agreement was established amended in or after 2019, unfortunately it will no longer be deductible.

5. Expenses for Educators

If you are a teacher, you can deduct up to $300 in unreimbursed expenses spent in your classroom. You must have worked at least 900 hours at a qualifying elementary or secondary school.

This can be found on Line 11 – Educator expenses.

6. Active-Duty: Moving Expenses

If you are an active-duty service member and had qualifying moving expenses that were not reimbursed, you can claim them on Line 14 – Moving expenses for members of the Armed Forces.

It covers household items, housing, storage and travel but does not include meals.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link

Related Articles

Money

Questions About The New Tax Bill? Taxgirl Has Answers

July 12, 2025
Money

Answers To Your Individual Tax Questions About The One Big Beautiful Bill Act

July 8, 2025
Money

Why Congress’s Effort To Make Corporate Tax Cuts Permanent May Be Futile

July 8, 2025
Money

5 Key Ways Trump’s Big Beautiful Bill Will Transform Your Own Taxes

July 3, 2025
Money

6 Takeaways As Huge Student Loan Reform Bill Advances In Congress

July 3, 2025
Money

Red States–And AI–Are Big Losers From Trump’s Clean Energy Massacre

July 2, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Dem Rep. Bera on CA Raids: Trump Will Lose Support, He’s ‘Gone After Kids’

July 15, 2025

Air India Flight 171: Pilot’s Medical Records Handed to Investigators, Reportedly Struggling with Mental Health Issues – Reports Say a Crew Member Cut off Fuel to Engines

July 15, 2025

Report: New Jersey Gov. Phil Murphy Subpoenaed over Comment Implying He Is Sheltering Illegal Alien

July 15, 2025

Trump says he’s ‘not done with’ Putin

July 15, 2025
Latest News

Convicted Hijacker Among 1,361 Violent Criminals in ICE Houston Sweep

July 15, 2025

Explained: The UK’s Potentially Terrifying Criminal Justice “Reforms”

July 15, 2025

Exclusive: Rep. Gary Palmer Introduces SAMS Act to End U.S. Dependence on China for Critical Minerals

July 15, 2025

Subscribe to News

Get the latest politics news and updates directly to your inbox.

The Politic Review is your one-stop website for the latest politics news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram Pinterest YouTube
Latest Articles

Trump Says he Prioritised Trade Deal With UK Because It’s a Reliable NATO Ally, Unlike Questionable Europe

July 15, 2025

Dem Rep. Bera on CA Raids: Trump Will Lose Support, He’s ‘Gone After Kids’

July 15, 2025

Air India Flight 171: Pilot’s Medical Records Handed to Investigators, Reportedly Struggling with Mental Health Issues – Reports Say a Crew Member Cut off Fuel to Engines

July 15, 2025

Subscribe to Updates

Get the latest politics news and updates directly to your inbox.

© 2025 Prices.com LLC. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • For Advertisers
  • Contact

Type above and press Enter to search. Press Esc to cancel.