2007-01-04 01:19:45 · 3 answers · asked by dndbohn 1 in Business & Finance ➔ Taxes ➔ United States
Yes up to $250. This is an "adjustment" to income instead of a "deduction". The IRS did not have time to print a line for this on the 2006 Form 1040 thanks to a law delay. On line 23 for Archer MSA Deduction enter a code E on the dotted line to the left of the amount.
2007-01-04 01:44:34 · answer #1 · answered by spicertax 5 · 0⤊ 0⤋
Yep, up to $250, but there are a "couple" of restrictions...like you have to of worked at least 900 hours, it has to be a elementary or secondary school and 'course ya gotta have receipts and they gotta be "qualified" expenses (buying Starbucks for other teachers doesn't count) The IRS never lets ya off easy....
2007-01-04 09:49:36 · answer #2 · answered by maxine07 1 · 0⤊ 0⤋
Yes
2007-01-04 09:33:16 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋