The article also misstated the eligibility for the deduction.
Where can I obtain additional information about eligibility for the deduction?
Act quickly because handling the paperwork for securities takes time and may push eligibility for the deduction into the 2006 tax year.
If you have a retirement or savings plan at work, you begin to lose eligibility for the deduction at $89,000 of adjusted gross income for a couple and $55,000 for a single.
Although anyone with taxable income can contribute to a Traditional or Roth IRA, the amount you can contribute and your eligibility for tax deductions depends on factors like your income and tax filing status.
"On this basis, the ANAO has doubts about the eligibility of deductions claimed for the cost of debt and equity funded capital, excise paid on crude oil and excise paid on condensate," the report warns.
Want to confirm your eligibility for these credits or deductions?
The IRS Form 1098-T Tuition Statement is used to assist the taxpayer in determining eligibility for an educational tax credit and/or deduction.
This is for diagnoses accuracy (2 8), for age (23 62), for deduction (0 10) and for analysis (0 6).
There are other ways to reduce the deficit, including getting rid of the mortgage-interest deduction, raising the age of eligibility for Medicare and Social Security, altering the inflation-indexation formula, or proposing some sort of tax reform that raises additional revenue.
