Artículo Medical savings accounts (Archer MSAs and Medicare Advantage MSAs).. Medical savings accounts (Archer MSAs and Medicare Advantage MSAs).

id="en_US_2025_publink1000172126"> Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). In most cases, you don’t include in income amounts you withdraw from your Archer MSA or Medicare Advantage MSA if you use the money to pay for qualified medical expenses. Generally, qualified medical expenses are those you can deduct on Schedule A (Form 1040). For more information about qualified medical expenses, see Pub. 502. For more information about Archer MSAs or Medicare Advantage MSAs, see Pub. 969, Health Savings Accounts and Other Tax-Favored Health Plans. Overtime. If you earned qualified overtime, you may be eligible to deduct up to $12,500 ($25,000 if married filing jointly) of your qualified overtime compensation. Your deduction will be limited if your modified adjusted gross income is more than $150,000 ($300,000 if married filing jointly). To be eligible, you and/or your spouse who received the overtime must have a valid SSN. If you are married, you must file a joint return. Prizes and awards. If you win a prize in a lucky number drawing, television or radio quiz program, beauty contest, or other event, you must include it in your income. For example, if you win a $50 prize in a photography contest, you must report this income on Schedule 1 (Form 1040), line 8i. If you refuse to accept a prize, don’t include its value in your income. Prizes and awards in goods or services must be included in your income at their fair market value. Employee awards or bonuses. Cash awards or bonuses given to you by your employer for good work or suggestions must generally be included in your income as wages. However, certain noncash employee achievement awards can be excluded from income. See Bonuses and awards in chapter 5. Pulitzer, Nobel, and similar prizes. If you were awarded a prize in recognition of accomplishments in religious, charitable, scientific, artistic, educational, literary, or civic fields, you must generally include the value of the prize in your income. However, you don’t include this prize in your income if you meet all of the following requirements. You were selected without any action on your part to enter the contest or proceeding. You aren’t required to perform substantial future services as a condition to receiving the prize or award. The prize or award is transferred by the payer directly to a governmental unit or tax-exempt charitable organization as designated by you. See Pub. 525 for more information about the conditions that apply to the transfer. Qualified Opportunity Fund (QOF). Effective December 22, 2017, Code section 1400Z-2 provides a temporary deferral on inclusion in gross income for capital gains invested in QOFs, and permanent exclusion of capital gains from the sale or exchange of an investment in the QOF if the investment is held for at least 10 years. See the Instructions for Form 8949 on how to report your election to defer eligible gains invested in a QOF. See the instructions for Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments, for reporting information. For additional information, see Opportunity Zones Frequently Asked Questions at IRS.gov/Newsroom/Opportunity-Zones-Frequently-Asked-Questions . Qualified tuition programs (QTPs). A QTP (also known as a 529 program) is a program set up to allow you to either prepay or contribute to an account established for paying a student's qualified higher education expenses at an eligible educational institution. A program can be established and maintained by a state, an agency or instrumentality of a state, or an eligible educational institution. The part of a distribution representing the amount paid or contributed to a QTP isn’t included in income. This is a return of the investment in the program. In most cases, the beneficiary doesn’t include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified higher education expenses. See Pub. 970 for more information. Railroad retirement annuities. The following types of payments are treated as pension or annuity income and are taxable under the rules explained in Pub. 575, Pension and Annuity Income. Tier 1 railroad retirement benefits that are more than the social security equivalent benefit. Tier 2 benefits. Vested dual benefits.

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