You may not be able to itemize, but there still are a couple of expenses that you may be able to claim on your 2016 federal income tax.
IRAs: If you’ve made or if you plan on making a contribution to your traditional IRA for 2016, you may qualify to deduct up to $5,500 (or $6,500 if you’re older than 50). There are income limitations, and you can’t deduct contributions to Roth IRAs. The last day that you can make a contribution to a traditional IRA for 2016 is April 18, 2017, but please don’t wait until the last minute.
HSAs: Health Savings Accounts are IRA-like accounts that are set up in conjunction with a high-deductible health insurance policy. Contributions you make to your HSA annually are deductible because the money is invested and supposed to be withdrawn for unreimbursed medical expenses. For 2016 you can deduct up to the contribution limit of $3,350 for yourself and $6750 if you file jointly. If you’re older than 55, you may also be able to contribute an extra $1,000 to catch up.
Student Loan Interest & Tuition Fees: You can generally deduct up to $2,500 of interest on your student loans, your spouse, and your dependents for 2016. For 2016, you can also deduct up to $4,000 of fees and tuition for certain kinds of higher education courses. There are definitely income limitations on these deductions, and you have to make sure that all of your education tax breaks are compatible before you try to claim them.
Self-Employment: If you’re self-employed there are lines right on your tax form where you can deduct your health insurance premiums (SEHI) and your retirement plan contributions (like SEP and SIMPLE plans). You can also deduct one-half of your self-employment taxes.
Alimony: You can deduct alimony payments from your 2016 taxes, which makes the IRS not quite as bad as your ex.
Other stuff: There are certain moving expenses that are deductible, and also some early savings withdrawal penalties. Teachers can deduct up to $250 for classroom supplies purchased out-of-pocket in 2016.
If you have questions about these things, or any other deductions, or just about your taxes in general, please let us know.