Even if you don't itemize
deductions on your tax return, you may be entitled to certain
"above-the-line" deductions. These deductions are subtracted from
your income to arrive at your adjusted gross income, an important number
because it determines your qualification for certain tax credits and various
tax breaks. Above-the-line deductions include such things as IRA contributions,
health savings account contributions, student loan interest, moving expenses,
health insurance and retirement plan contributions if you're self-employed, and
alimony paid.
