Find the money you can keep
What can I claim in the US?
US money most people never claim back from the IRS. Each card: what it is worth, and the form it goes on.
7 claims for United States. Deadlines are for the 2025 tax year, which ends 31 December.
Retirement contribution deductions
Worth: Your combined federal and state marginal rate on everything you contribute
Who can claim: You have earned income and contribute to a 401(k), IRA, SEP or Solo 401(k).
How to claim
- 401(k) deferrals appear automatically in box 12 of your W-2, nothing to claim.
- Deduct traditional IRA contributions on Schedule 1 of your 1040.
- Self-employed plans are deducted on Schedule 1 too.
Forms
- Form 1040 with Schedule 1Where the deduction is claimedGoes to: IRS e-file or your preparer
- Form 5498Your IRA contribution recordGoes to: Sent by your IRA provider
Have ready: W-2, IRA statements, Business profit figure if self-employed
Deadline: 15 April for IRA and SEP, 31 December for payroll deferrals (Amend a return for up to three years with Form 1040-X)
Health savings account deduction
Worth: Your marginal rate, plus 7.65% FICA if you contribute through payroll
Who can claim: You are covered by a high deductible health plan and not enrolled in Medicare.
How to claim
- Contribute through payroll where possible.
- Otherwise contribute directly and deduct it on Form 8889.
- Keep medical receipts so future withdrawals stay tax free.
Forms
- Form 8889HSA contributions and distributionsGoes to: Attached to Form 1040
- Form 5498-SAContribution statementGoes to: Sent by your HSA provider
Have ready: Health plan details, HSA statements, Medical receipts
Deadline: 15 April for the prior year
Reporting gains, losses and cost basis
Worth: Correct basis and harvested losses often cut the bill by thousands
Who can claim: You sold stock, crypto, property or another capital asset.
How to claim
- Collect every 1099-B and crypto transaction record.
- Report each disposal on Form 8949, then total on Schedule D.
- Carry unused losses forward, they never expire.
Forms
- Form 8949Every sale, with dates and basisGoes to: Attached to Form 1040
- Schedule DCapital gains summaryGoes to: Attached to Form 1040
- 1099-BBroker's record of your salesGoes to: From your broker in February
Have ready: 1099-Bs, Purchase confirmations, Crypto exchange exports, Prior year loss carryforward
Deadline: 15 April
Self-employed deductions and QBI
Worth: Up to 20% of profit through QBI, plus every legitimate business expense
Who can claim: You run a trade or business as a sole proprietor, partner or S-corp owner.
How to claim
- Report income and expenses on Schedule C.
- Claim the home office on Form 8829 or the simplified rate.
- Claim QBI on Form 8995.
Forms
- Schedule CBusiness profit and lossGoes to: Attached to Form 1040
- Form 8995Qualified business income deductionGoes to: Attached to Form 1040
- W-9What you give clients so they can issue your 1099Goes to: Straight to the client, never to the IRS
Have ready: Business bank statements, 1099-NECs received, Mileage log, Home office square footage
Deadline: 15 April, quarterly estimates in April, June, September and January
Rental property deductions
Worth: Depreciation alone is often several thousand a year
Who can claim: You own property that is rented out.
How to claim
- Report rent and expenses on Schedule E.
- Depreciate the building, not the land.
- Track passive loss limits if your income is high.
Forms
- Schedule ERental income and expensesGoes to: Attached to Form 1040
Have ready: Closing statement, Mortgage interest 1098, Repair invoices, Property tax bills
Deadline: 15 April
Adjusting your withholding
Worth: Cash flow rather than tax, but it stops a large interest free loan to the IRS
Who can claim: You are an employee with federal withholding.
How to claim
- Run the IRS Tax Withholding Estimator.
- Give your employer a new W-4.
- Recheck after life changes.
Forms
- Form W-4Employee withholding certificateGoes to: Give it to your employer, not the IRS
Have ready: Latest pay stub, Last year's return, Details of other income
Deadline: Any time
Gift and estate tax reporting
Worth: 40% of anything kept outside the taxable estate
Who can claim: You made gifts above the annual exclusion, or you are handling a large estate.
How to claim
- Give up to the annual exclusion per person with no form at all.
- File Form 709 for larger gifts to record use of the lifetime exclusion.
- Elect portability of a late spouse's exclusion on Form 706.
Forms
- Form 709Gift tax returnGoes to: IRS, due with your income tax return
- Form 706Estate tax return and portability electionGoes to: IRS, nine months after death
Have ready: Gift records, Asset valuations, Prior 709 filings
Deadline: 15 April for gifts, nine months after death for estates