Tax Deductions 2026: The Complete List
A deduction lowers the income you are taxed on — and in 2026 a lot of the classic deductions were expanded. Here is the complete list of what you can still deduct this year, with the exact limits that matter.
First: the standard deduction
Most taxpayers never itemize, and for 2026 the standard deduction is $16,100 for single filers and $32,200 for married couples filing jointly. You claim it automatically and you cannot lose it. Itemizing only wins when your deductible expenses add up to more — the calculator at the bottom of this guide does that comparison for you.
Retirement contributions: tax-free money you were going to save anyway
| Account | 2026 limit | How it reduces tax |
|---|---|---|
| 401(k), 403(b), 457(b) | $24,500 ($32,500 with the $8,000 50+ catch-up; $35,750 for ages 60–63) | Pre-tax deferrals lower your W-2 income |
| Traditional IRA | $7,500 ($8,600 at 50+) | Deductible if you meet the income phase-outs |
| HSA | $4,400 self-only / $8,750 family | Deductible going in, tax-free coming out for health costs |
| Solo 401(k) (self-employed) | $24,500 employee + up to 25% of net earnings | Deductible at both levels |
These are the highest-leverage deductions because they cut your taxable income now and grow tax-deferred — you were going to save the money anyway.
Student loan interest
You can deduct up to $2,500 of student loan interest as an above-the-line adjustment — no itemizing needed. The deduction phases out between $85,000 and $100,000 of MAGI for single filers and $170,000 and $200,000 for joint filers.
Itemized deductions worth tracking
Mortgage interest on up to $750,000 of acquisition debt remains deductible for 2026. State and local taxes (income or sales tax plus property tax) are capped — and under the 2026 tax law the cap was raised substantially for the year, so this deduction is worth more than it has been since 2017. Charitable cash gifts to qualifying organizations are deductible up to 60% of your adjusted gross income, and unreimbursed medical expenses above 7.5% of AGI still count. Don’t forget the home office and business-use-of-car deductions if you are self-employed.
Deductions for the self-employed
Beyond the solo 401(k) above, self-employed filers can deduct half of their self-employment tax as an adjustment to income and claim the 20% qualified business income (QBI) deduction on pass-through profits — both available even when you take the standard deduction.
Run the numbers
See whether itemizing beats the standard deduction with the standard vs itemized calculator, maximize retirement contributions with the 401(k) catch-up calculator and IRA limit calculator, and check the student loan interest phase-out with the student loan interest calculator. For the bracket context behind every deduction, read the 2026 tax brackets guide.