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Kiplinger’s Personal Finance: Tax tips for non-itemizers

The nearly doubling of the standard deduction a few years ago hasn’t necessarily simplified tax preparation.

The tax code is replete with credits and deductions for taxpayers who claim the standard deduction — and that list got a little longer in 2020.

Here are some tax breaks non-itemizers should not overlook this tax season:

Charitable deduction:

Child tax credit:

But the credit begins to disappear as income rises above $400,000 on joint returns and above $200,000 on single and head-of-household returns.

Child care credit:

College credits:

The Lifetime Learning credit, meanwhile, isn’t limited to undergraduate expenses, and you don’t have to be a full-time student to claim it.

The credit is worth up to 20% of $10,000 in qualified expenses, up to a maximum $2,000 a year. For 2020, a married couple with modified adjusted gross income of up to $118,000 can claim the full credit; those with modified adjusted gross income of up to $138,000 can claim a partial amount. You can’t claim this credit and the American Opportunity credit for the same student in the same year.

Student loan interest deduction:

But if you decided to keep making payments on your federal student loans, take advantage of an above-the-line deduction on interest.

You can deduct up to $2,500 in student-loan interest for you, your spouse or a dependent. The deduction phases out if your modified AGI is between $70,000 and $85,000 ($140,000 and $170,000 for joint filers). A former student can claim this deduction even if Mom and Dad are making the payments.

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