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Internal Revenue Code of 1986

The official compilation of all tax laws in the United States.

Above-the-line deduction

A type of tax deduction that is subtracted from your gross income to calculate your Adjusted Gross Income (AGI). It can be taken even if you don't itemize your deductions.

Adjusted Gross Income (AGI)

Your gross income minus certain specific deductions (like this flood insurance deduction). AGI is often used to determine eligibility for other tax credits and deductions.

Taxable year

The annual accounting period for keeping records and reporting income and expenses. For most individual taxpayers, the taxable year is the calendar year (January 1 to December 31).

Qualified flood insurance premiums

The specific costs related to flood insurance, including premiums for both government-backed (NFIP) and private policies, as well as certain associated fees and surcharges, that are eligible for this deduction.

Joint return

A single tax return filed by a married couple, combining their incomes and deductions.