2022 Tax Rules

Gross Income Exclusions and Deductions for AGI 4-49 16. Deductions for AGI. (Obj. 3) For each statement, check true or false. True False a. Reservists who travel 100 miles or less from home to perform services as a member of the reserves deduct their travel expenses as a miscellaneous itemized deduction. b. Qualified performing artists may deduct their business expenses from gross income to arrive at AGI. c. To receive the tax benefits of a "performing artist," the individual's AGI cannot exceed $14,000 before deducting business expenses. d. State and local government officials paid on a fee basis report their business expenses on Form 2106. e. Taxpayers 55-years-old may contribute an additional $1,000 to their health savings accounts. f. Retired taxpayers over age 64 may continue to make deductible contributions to a health savings account. Withdrawals from a health savings account that are not used for medical expenses may be subject to a 6% penalty tax. a