- quote -

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

Stu

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

- quote -

How would that have reduced MAGI?

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Chip L" <chiplong[at]hotmail.com> wrote:

- quote -

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

- quote -

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

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

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

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >