Relatively few Americans itemize deductions on their tax return. You can either claim the standard deduction or itemized deductions on your return — but not both. And, of course, you always want to pick the higher amount, which is the standard deduction for the vast majority of people.

That means most Americans can't claim some very well-known tax breaks. No deduction for medical expenses. Zero tax savings for mortgage interest payments. Nothing for state and local taxes, either. If you claim the standard deduction, you can't claim any of these popular write-offs.

But there are several other popular tax deductions that people taking the standard deduction can still claim on their tax return. Most of these so-called "above-the-line" deductions have no income limits, so anybody can claim them on Schedule 1 of their Form 1040. Plus, because these deductions will lower your adjusted gross income (AGI), you may be able to claim other tax breaks that have AGI-based income limits. (They're called "above-the-line" deductions because you record them on the 1040 form above the line showing your AGI.) So, if you're claiming the standard deduction and want to lower your tax bill, keep reading to see if you qualify for any of these common money-saving write-offs.

Contributing to a traditional individual retirement account (IRA) is a win-win move that lets you boost your retirement savings and trim your tax bill at the same time (assuming you have earned income). For 2021, the contribution limit is $6,000 ($7,000 if you're 50 or older) or your taxable compensation for the year, whichever is less. Plus, if you (and your spouse, if you're married) don't have a retirement plan at work, every dollar of that can be knocked off your taxable income. If you're covered by a retirement plan at the office (or your spouse is) then that deduction might be limited if your income exceeds certain levels. Most people have until April 18, 2022, to make deductible IRA contributions for the 2021 tax year (residents of Maine and Massachusetts have until April 19, and certain natural disaster victims have until May 16).

For 2022, the contribution limits remain the same as they were for 2021. However, the income limits for the deduction are slightly higher. You can make deductible IRA contributions for the 2022 tax year until April 18, 2023.

Are you funding a health savings account (HSA) in conjunction with a high-deductible health plan? If so, that's a smart move.

You get an above-the-line deduction for contributions to the HSA, assuming you made them with after-tax money. If you contribute pre-tax funds through payroll deduction on the job, there's no double-dipping — so no write off. In either case, you need to file a Form 8889 with your return.

The maximum contribution for 2021 was $7,200 for family coverage and $3,600 if you're an individual (they're $7,300 and $3,650, respectively, for 2022). If you're 55 or over at any time in the year, you can contribute (and deduct) another $1,000.

People who have an Archer medical savings account (MSA) can also deduct contributions to the account. The deduction is limited by a portion of the related high deductible health plan's (HDHP's) annual deductible, and your compensation from the employer maintaining the HDHP.

Note that contributions can't be made to an Archer MSA for you after 2007 unless:

• You were an active Archer MSA participant before 2008; or
• You became an active Archer MSA participant after 2007 because of coverage under an employer's HDHP.

Use Form 8853 to calculate the Archer MSA deduction.

If you work for yourself, you have to pay both the employer and the employee share of Social Security and Medicare taxes — a whopping 15.3% of net self-employment income. But at least you get to write off half of what you pay as an adjustment to income. Use Schedule SE to calculate this deduction.

You can also deduct your contributions to a self-directed retirement plan such as a SEP, SIMPLE, or qualified plan. Special rules for computing the maximum deduction apply to self-employed people who contribute to their own SEP. If your SEP contributions exceed the maximum deduction amount, you can carry over and deduct the difference in later years.

Also deductible as an adjustment to income: Health insurance costs for the self-employed (and their families) — including Medicare premiums and supplemental Medicare (Medigap), up to your business' net income. You can't claim this deduction if you're eligible to be covered under a health plan subsidized either by your employer (if you have a job as well as your business) or your spouse's employer (if he or she has a job that offers family medical coverage).

(Note that self-employed people operating as a sole proprietor may also be able to claim the 20% deduction for qualified business income. It's not considered an "above-the-line" deduction, since it's reported on the 1040 form after AGI is calculated. However, it can put a significant dent in your tax bill if you can satisfy all the requirements. But it won't help you qualify for other tax breaks by lowering your AGI.)

Up to $2,500 in student loan interest (for you, your spouse or a dependent) can be deducted on your 2021 tax return if your modified AGI is less than $70,000 if you're single or $140,000 if you're married and filing a joint return. The deduction is phased out above those levels, disappearing completely if you earn more than $85,000 if single or $170,000 if filing a joint return.

You can't claim this deduction if you're married, and you and your spouse are filing separate tax returns. You're also disqualified if someone else (e.g., a parent) claims you as a dependent on their tax return.

The loan must have been used to pay qualified higher education expenses, such as tuition, fees, room and board, books and supplies, and other related expenses. The expenses must also be for education in a degree, certificate, or similar program at a college, university, or qualified vocational school.

You may be able to deduct alimony you pay to a former spouse as long as your divorce agreement was in place before the end of 2018 and the monetary payments are spelled out in the agreement. The deduction disappears if the agreement is changed after 2018 to exclude the alimony from your former spouse's income.

You must also report your ex-spouse's Social Security number, so the IRS can make sure he or she reports the same amount as taxable income. (Child support, however, is not deductible.)

The 2017 tax reform law did away with almost all employee deductions that were taken on Schedule A by itemizers. But in certain lines of work, under certain conditions, you can still write off some of your costs with an "above-the-line" tax deduction. Here are those adjustments to income, which are now found on Schedule 1 (Form 1040):

• You're a schoolteacher and you buy supplies for your classroom. Educators can write off up to $250 each year of classroom expenses if they teach kindergarten through 12th grade and put in at least 900 hours a year on the job. Expenses paid or incurred in 2021 for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 are included. You don't have to be a teacher to claim this break. Aides, counselors and principals may claim it if they have the receipts to back it up. But parents who home-school their children are out of luck.
• You're in the National Guard or military reserves and you travel to drills. You must travel more than 100 miles from home and be away from home overnight. If you qualify, you can deduct the cost of lodging and meals (following the federal per diem schedule) plus an allowance for driving your own car. For 2021 travel, the rate is 56 cents per mile, plus what you paid for parking, fees and tolls. (For 2022, it's 58.5 cents for each mile.)
• You're a performing artist making less than $16,000 (sorry Beyoncé, not for you). The IRS will expect you to show that at least two employers paid you $200 each for your services and that the expenses you intend to deduct are more than 10% of what you made from performing. Note that the IRS specifies that you need to be an employee receiving wage income.
• You're disabled, have a job, and incur expenses that allow you to work. Here's an example from the IRS: You're deaf and use a sign-language interpreter during meetings while you're at work — that's a deductible expense.
• You're a "fee-basis" public official and want to write off job expenses. This does not mean people employed by any government. Rather, it's for individuals who perform a public function and are paid directly by the people they serve (e.g., a justice of the peace). If you meet that definition, you can deduct your work-related expenses.

Unless you're an educator deducting classroom expenses, file Form 2106 with your tax return if you're claiming one of these deductions.

Did you break into a certificate of deposit (CD) early and get slapped by a bank penalty? Bank penalties can vary widely, but one thing is constant: You can deduct the penalty, no matter how lenient or how stiff, as an adjustment to income.

A Form 1099-INT or Form 1099-OID from the bank will show the amount of any penalty you paid.

(Note that the additional 10% tax on early distributions from qualified retirement plans doesn't qualify as a deductible penalty for withdrawal of savings.)

The 2017 tax reform new tax law killed the moving expense deduction, but with one significant exception: If you're an active member of the U.S. Armed Forces, the cost of any move associated with a permanent change of station is still deductible if the move was due to a military order. This includes a move from your home to your first post of active duty, a move from one permanent post of duty to another, and a move from your last post of duty to your home or to a nearer point in the United States.

You can write-off the unreimbursed costs of getting yourself and your household goods to the new location. If you drove your own car for a move in 2021, deduct 16 cents per mile plus what you paid for parking and tolls (18 cents per mile for 2022). (Use Form 3903 to tally your moving deductions.)

While technically not an "above-the-line" deduction because it's reported on Form 1040 after your AGI is set, people who take the standard deduction on their 2021 tax return can deduct up to $300 of cash donations made to charity last year (up to $600 for joint filers). Donations to donor advised funds and certain organizations that support charities aren't deductible. Contributions carried forward from prior years and most cash contributions to charitable remainder trusts are excluded, too.

Since this deduction is recorded on your tax return after your AGI is calculated, it won't lower your AGI. So, it won't help you qualify for other tax breaks. Nevertheless, it's a nice little tax break that millions of Americans can claim.

Unfortunately, though, the deduction expired at the end of 2021. So, while you can claim it on your 2021 tax return that's due this year, you won't be able to claim it on the tax return you'll file next year.

There are several other "above-the-line" deductions that aren't very common, but nonetheless are allowed and can save you money if you qualify. Here's a quick rundown of the "other" deductions that a relatively few number of people can take on Schedule 1 to lower their AGI:

• Attorney fees and court costs for lawsuits involving certain unlawful discrimination claims (limited to the extent of gross income from the lawsuit) or paid in connection with a whistleblower award from the IRS (limited to the award includible in gross income);
• Contributions to Section 501(c)(18)(D) pension plans;
• Contributions by certain chaplains to Section 403(b) retirement plans;
• Expenses reported to you as a beneficiary on the final return of the estate or trust if reported as Section 67(e) expenses on Schedule K-1 (Form 1041), box 11, code A;
• Foreign housing expenses (file Form 2555);
• Jury duty pay if you gave the pay to an employer because your salary was paid while you served on the jury;
• Olympic and Paralympic medals and U.S. Olympic Committee prize money (nontaxable amount of the value);
• Reforestation amortization and expenses;
• Rental-related expenses if you rent personal property for profit and you aren't in the business of renting the property (only expenses related to taxable income); and
• Supplemental unemployment benefit repayments.

Divorce can look a bit different for older couples. They generally don’t need to worry about child support or custody of young children. But splitting the retirement assets they jointly own and those that each spouse owns separately are another matter.

Along with the marital home, retirement accounts are often an older couple’s largest asset in a divorce proceeding. When both spouses have retirement accounts, the combined balances should be considered along with all other assets, says Laura Medigovich, certified financial planner and senior financial planner at Janney Montgomery Scott LLC in Purchase, N.Y.

The rules for splitting retirement assets differ depending on the type of account—IRA, 401(k) or a pension—and can be complicated. And transferring retirement funds to a former spouse can have unintended tax consequences if done incorrectly, so the stakes are high for getting it right. For one thing, you need a qualified domestic relations order (QDRO) to transfer a 401(k) account or pension rights in a divorce, but few divorcing couples may know this. The order, which is issued by a court or state agency, recognizes a divorcing spouse’s right to receive all or a portion of the account owner’s defined contribution plan or pension.

There are two ways to divide plan assets using a QDRO. The first awards a separate interest in the account balance. The second allows a divorcing spouse to share in the payment of the benefits. Once both parties agree to the terms, the account owner gives the document to the plan administrator. Because drafting a QDRO can be expensive, Medigovich recommends that you have your divorce attorney ask the plan administrator to provide model QDRO language.

“Compared to splitting a pension, a 401(k) is a far easier asset to split,” Medigovich says. That’s because you know the account value. If one spouse has a 401(k) worth $200,000, the divorcing couple could agree in the QDRO to split the account equally. In that case, $100,000 of the 401(k) balance can be transferred directly to the other spouse’s IRA without incurring any federal income taxes or penalties. That changes, however, if the spouse receiving the money pockets the $100,000 instead of having it transferred to an IRA. Then he or she will owe income tax on the money, but there’s no 10% penalty for early distributions, even if the spouse taking the cash isn’t yet 59½. If the $100,000 is transferred to the spouse’s IRA and that person takes an early withdrawal, then the money is subject to both income tax and the 10% penalty.

Pensions are even more complicated to divvy up. Not only does each employer have different rules for how or whether a pension can be split, but you’ll also have to hire an actuary to calculate the present value of the future benefits. It’s easier to split a pension when the pensioner spouse has already started receiving benefits. Then you could use a QDRO to split the payments by either a dollar or percentage amount.

QDROs don’t apply to IRAs. To divide an IRA between spouses, the terms must be specified in the divorce or legal separation agreement, which the account owner gives to the IRA sponsor. For the money to be split free of taxes and penalties, the agreement should specify that a percentage or dollar amount of the account owner’s IRA balance should go to a spouse’s IRA in a direct trustee-to-trustee transfer. If the receiving spouse takes cash out in the transfer, he or she will owe taxes on that withdrawal and, if younger than 59½, a 10% penalty, too. Similarly, an account owner who takes a distribution from the IRA to give to a spouse in a divorce will be taxed on the payout (and owe a 10% penalty if under age 59½).

If possible, use a Roth IRA for a spouse who wants cash. A Roth is more tax efficient because withdrawals are generally tax-free.

Till death do us part? Not so much. In the past 25 years, the divorce rate for Americans over the age of 50 has more than doubled.

While divorce rates for other age groups have leveled off or even fallen, one out of every four people going through a divorce in the United States is 50 or older, according to research by sociologists Susan L. Brown and I-Fen Lin. Compare that to 1990, when fewer than 1 in 10 people who got divorced was over 50. The research went on to note that it wasn’t just remarried older people who were getting divorced — more than half of all gray divorces are with couples who have been married for over 20 years.

“He slurps his soup; she nags him about not putting the dishes in the sink; he doesn’t understand me …” I get that. I thought after 20 years, the “soup slurping” and “dirty dishes on the table” just get to be part of the daily married-life ballet. You have history, kids, family, illness and frankly have lived through a lot of drama that life throws your way.

The Tipper and Al Gore Syndrome

Their story is much the same as many long-term marriages. After having four kids and 40 years of marriage, they simply had grown apart and wanted to go it alone. Tipper asserts that it was not that he was dull and boring or cheating on her. But, they are a classic example of a gray divorce.

Are people expecting more of a sense of happiness and fulfillment today, than they were before? It’s possible. And it seems that couples are just not willing to put up with an “Irish Divorce” anymore. The Urban Dictionary describes this term with related words like; “the not-divorce marriage, abandoned, deserted, dumped, loveless marriage.”

You may have grown up seeing your parents or your friends’ parents going through the motions of marriage, and not engaged in a loving partnership. Have you ever been at a restaurant and seen couples eating and not interacting at all? Many of us just thought that was the way advanced married couples acted, that was the way it was supposed to be.

Why Is This Happening?

Several factors are converging. The stigma of divorce is disappearing. Even Pope Francis and the Catholic Church are re-examining their posture toward the church’s stance on divorce. People are also living longer, and so the prospects of remaining in an empty relationship don’t bode well for many people today. They are allowed to act to change their future. Another reason for the increase in gray divorce appears to be the economic gains women are making, according to an NPR report quoting Brown. “Many no longer have to choose between a bad marriage and poverty.”

The advent of easy online dating may also have given older people hope for a better relationship. The prospect of living with someone you no longer love and respect appears to not be a sacrifice worth taking for many. Online dating is accepted and is the norm for all age groups. Seniors are also meeting via activities and travel.

OK, you have decided to call it quits in your twilight years, what do you have to know about the money side of your relationship and life on your own?

Financial Considerations

• Alimony is almost always granted after long-term marriages. When you divorce in your younger years, usually “rehabilitative” alimony is granted, which will supply support while the spouse gets back on their feet. However, if it’s a long-term marriage, in most cases alimony is given for life. If it is a second marriage that is short term, alimony may fall in between the above circumstances.
• Retirement money is usually cut in half. It doesn’t matter if this is a no-fault or at-fault divorce. Pension plans may be used to offset alimony, but make sure that you both are being advised on the tax implications.
• The family house will become an asset that has to be valued and split. Make sure that if you opt to keep the house that you don’t become house-poor. The house needs to be maintained, taxes and utilities paid and those costs may greatly eat into any monetary settlements.
• Remarriages are more likely to end in divorce, so think about a pre-nup for your next marriage. In it you can deal with a lot of these monetary issues before emotions are running at a fevered pitch. There may be adult children on both sides to consider, other assets, and lots of other issues to think about. Seek professional advice from your lawyers, accountants and financial advisers. Your wills need to be adjusted to reflect your new circumstances, as well.

Gray divorce might not be a tragedy. You may be empowered to design and obtain a more fulfilling life than you may now have. How wonderful not to feel that your present marriage is a life-sentence. But also, I caution you: Maybe it’s better to work on your present relationship and not assume that your spouse will be inflexible. The grass looks greener on the other side of the fence, but sometimes, it’s not.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Note: The editors of Kiplinger's Personal Finance magazine and the Kiplinger Tax Letter are answering questions about the new tax law from subscribers to our free Kiplinger Today daily email. See other reader Q&As about the new tax law, or submit your own question.

Question: I understand the new tax law reverses the rules for alimony, so that the payer no longer gets to deduct payments and the recipient no longer has to pay tax on alimony received. I was divorced in 2016. Does this mean the alimony payments I get are tax-free from now on?

Answer: No. The new rule does not go into effect until 2019, and only for divorces executed or modified after 2018. For divorces after December 31, 2018, alimony payments are no longer deductible nor must the recipient declare the amount as taxable income. The law specifically permits ex-spouses to modify an earlier divorce agreement to adopt the new rule after it goes into effect in 2019. Of course, both you and your ex would have to agree to such a change. If a pre-2019 divorce is not modified, the old rules apply: the payer can deduct payments and the recipient must pay tax on them.