© FTI Publishing, LLC 2013 -
Individual Income Tax Guide
Page 2: Form 1040, line 25 to line 29
Line 25 – Health Savings Account (HSA) Deduction: You may be able to take this deduction if contributions (other than employer contributions, rollovers, and qualified HSA funding distributions from an IRA) were made to your HSA for the year. You calculate the amount of your HSA deduction in Part I of Form 8889, Health Savings Accounts (HSAs).
Line 26 – Moving Expenses: If you moved in connection with your job or business or started a new job, you may be able to take this deduction. But your new workplace must be at least 50 miles farther from your old home than your old home was from your old workplace. If you had no former workplace, your new workplace must be at least 50 miles from your old home. The amount of the expense you must include is calculated on Form 3903, Moving Expenses, which you must file with your return.
Line 27 – Deductible Part of Self-
Line 28 – Self-
Line 29 – Self-
You can deduct the amount paid for self-
NOTE: If you were also eligible to participate in any subsidized health plan maintained by your or your spouse's employer for any month or part of a month during the year, amounts paid for health insurance coverage for that month cannot be used to calculate the deduction. In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of the year, do not use amounts paid for coverage for that month to calculate the deduction.
Example: If you were eligible to participate in a subsidized health plan maintained by your spouse's employer from September 30 through December 31, you cannot use amounts paid for health insurance coverage for September through December to figure your deduction.
Partners: If you are a partner, the policy can be either in your name or in the name of the partnership. You can either pay the premiums yourself or your partnership can pay them and report them as guaranteed payments. If the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premiums as guaranteed payments.
More than 2% S corporation shareholders: If you are a more-
Line 29 instructions continued on page 3.
Chapter 3 – Adjusted Gross Income