What To Look for in 2004

This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Tuition and Fees Deduction Expanded. You may be able to take a deduction of up to $4,000 if your 2004 AGI is not more than $65,000 ($130,000 if married filing jointly) or a deduction of up to $2,000 if your 2004 AGI is not more than $80,000 ($160,000 if married filing jointly).

Certain Credits No Longer Allowed Against Alternative Minimum Tax (AMT). The credit for child and dependent care expenses, credit for the elderly or the disabled, education credits, mortgage interest credit, and District of Columbia first-time homebuyer credit will no longer be allowed against AMT. However, the child tax credit, adoption credit, and credit for qualified retirement savings contributions will still be allowed against your AMT.

IRA Deduction Allowed to More People Covered by Retirement Plans. You may be able to take an IRA deduction if you were covered by a retirement plan and your 2004 modified AGI is less than $55,000 ($75,000 if married filing jointly or qualifying widow(er)).

Standard Mileage Rates. The 2004 rate for business use of your vehicle is 37 ½ cents a mile. The 2004 rate for use of your vehicle to get medical care or to move is 14 cents a mile.

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