Tax Calculator Enhancements
in progress
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Colin Page
Add two more boxes for "above the line" Payroll deductions. These are not technically "above the line deductions" as they're already excluded from box 1 wages on the W-2, but are not taxable.
1. Payroll deductions not subject to FICA (e.g., health/vision/dental premiums, dependent care FSA, health FSA, commuter benefits, HSA). You could combine this with the HSA field or break it out separately.
2. Deductions subject to FICA(life & disability premiums, HSA contributions outside payroll). These are less common or impactful for most people.
Add a box for a few special deductions that don't require itemizing: QBI and the $3k capital loss deduction.
Happy to discuss!
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Taylor Stewart
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Dace DeKruif, CFP®
would also like to see something for "above the line" deductions for student loan interest as a lot of my clients are still paying off student loans