An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines what income is taxed, what deductions are allowed, and how taxes are collected.

Medical Expenses (for tax purposes)

Costs paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any structure or function of the body, which can be deducted from taxable income if they exceed a certain percentage of a person's adjusted gross income.

Taxable Year

The period for which taxes are computed, typically a 12-month period. For most individuals, it's the calendar year (January 1 to December 31).

Itemize Deductions

Choosing to list individual allowable deductions (like mortgage interest, state and local taxes, or medical expenses) on a tax return, rather than taking the standard deduction, to potentially lower taxable income.

Qualified Water Competency and Water Safety Lesson Expenses

Amounts paid for basic water safety and basic swimming instruction, or necessary equipment for such lessons, specifically for learning to be safe in water rather than for competitive sports.