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Tax Deductions and Your Job Search
Posted By Tara Finnegan Coates On January 24, 2013 @ 10:24 am In Money & Savings,Work | Comments Disabled
Previously, I discussed the tax consequences of losing your job . But did you know that there are certain tax deductions you can take while looking for your next job (even if you don’t get hired)? These include:
You must itemize deductions to claim these unreimbursed expenses. Job hunting expenses  are considered a miscellaneous itemized deduction  subject to the 2 percent of your adjusted gross income (AGI) limitation. See the instructions  for completing Line 21 of Form 1040 Schedule A.
 Alan Kalman is a volunteer for the AARP Foundation Tax-Aide Program  in Santa Fe, N.M. He is a retired financial executive from IBM Corporation and Siemens AG. Through the AARP Foundation Tax-Aide program, AARP Foundation  provides online tax counseling as a public service, and cannot guarantee the accuracy of the information provided. Your taxes are your responsibility. You are solely responsible for what you do in your own tax situation.
Article printed from AARP: http://blog.aarp.org
URL to article: http://blog.aarp.org/2013/01/24/tax-deductions-and-your-job-search/
URLs in this post:
 Image: http://blog.aarp.org/wp-content/uploads/2013/01/5512347305_20dda91167.jpg
 tax consequences of losing your job: http://blog.aarp.org/2013/01/08/job-loss-and-your-taxes/
 IRS Pub 970: http://www.irs.gov/pub/irs-pdf/p970.pdf
 IRS Pub 521: http://www.irs.gov/pub/irs-pdf/p521.pdf
 Job hunting expenses: http://www.aarp.org/money/taxes/info-07-2010/tax-tips-for-job-seekers.html
 miscellaneous itemized deduction: http://www.irs.gov/pub/irs-pdf/p529.pdf
 instructions: http://www.irs.gov/pub/irs-pdf/i1040sca.pdf
 Image: http://blog.aarp.org/wp-content/uploads/2013/01/Kalman1.jpg
 AARP Foundation Tax-Aide Program: http://www.aarp.org/taxaide/
 AARP Foundation: http://www.aarp.org/aarp-foundation/
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