AARP –
Above-the-Line Tax Deductions Anyone Can Take
If you’re thinking about spending the next few weeks trying to scrounge up tax deductions, you can probably relax. Fewer than 10 percent of all tax filers chose to itemize their deductions in 2020, and the numbers will probably be the same in the 2023 tax year.
For most retirees and preretirees, the fat standard deduction means skipping the hunt for juicy itemized deductions and moving on to figuring out how much tax you owe. But there are a handful of deductions that you may be able to claim even if you don’t itemize. They’re called above-the-line deductions, and they can be your friends at tax time.