QuickTips Index - page 2

Alimony Paid Deduction
If you paid alimony or separate maintenance to your ex-spouse, report the total amount of alimony you paid during the year on Line 34 of your Form 1040.

Early Withdrawal Penalty Deduction
If you incurred a penalty for early withdrawal of your certificate of deposit at a bank, you can deduct that penalty as a tax deduction on Form 1040 line 33.

Self-Employment Health Insurance
You can deduct the full cost of health insurance you purchase for yourself, your spouse, and/or your dependents. You must be self-employed, and you must not be eligible to participate in a group health plan.

Self-Employment Tax Deduction
If you have self-employment income, then you can take a deduction for half of your Self-Employment Tax. Instructions for 1040 line 30.

Student Loan Interest
You can claim up to $2,500 of student loan interest you paid in 2004 as an above-the-line tax deduction on Form 1040 line 26.

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