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Form 1040 (Schedule A) IN: What You Should Know

On ScheduleĀ A, you can claim the following items: ā€¢ Earned income: Any wages or interest that you get as an employee, such asĀ  from a business or a trade. ā€¢ Allowable expenses: If you have medical expenses that areĀ  related to your work, you can deduct those expenses. Medical expenses thatĀ  aren't related to your work can't be deducted. ā€¢ Business expenses: If you have to pay out of pocket for certain work relatedĀ  expenses such as health, accident, or loss of income, you can deduct thoseĀ  expenses. ā€¢ Interest: Interest charges on a bank account, or interest on a rental agreement, can be deducted. ā€¢ Rent: If you don't have any rental income from an actual orĀ  purchase, you can deduct the interest that goes along with any payment ofĀ  rent.

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