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Form 1040 (Schedule A) IN: What You Should Know
On Schedule A, you can claim the following items: • Earned income: Any wages or interest that you get as an employee, such as from a business or a trade. • Allowable expenses: If you have medical expenses that are related to your work, you can deduct those expenses. Medical expenses that aren't related to your work can't be deducted. • Business expenses: If you have to pay out of pocket for certain work related expenses such as health, accident, or loss of income, you can deduct those expenses. • Interest: Interest charges on a bank account, or interest on a rental agreement, can be deducted. • Rent: If you don't have any rental income from an actual or purchase, you can deduct the interest that goes along with any payment of rent.
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