Yes. Some deductions or adjustments (previously known as ‘above-the line’ deductions) allow you to lower your taxable income without having to itemize on your return.
What are 'above-the-line' adjustments?
Above-the line adjustments include the following:
- Self-employed Health Insurance
- 50% self-employment tax deduction
- Health Savings Account Contributions
- Retirement plan contributions
- Penalty on Early withdrawal of savings (Certificate of deposit)
- Student Loan Interest
- Alimony
- Moving Expenses (military personnel only)
- Educator Expenses
- Certain business expenses of reservists, performing artists and fee based government officials