Adjustments and Deductions to Arrive at Adjusted Gross Income and Taxable Income
Adjustments and deductions are critical elements in determining an individual's taxable income, involving alterations to gross income that can include contributions to retirement accounts, student loan interest, and specific educator expenses. Once these adjustments are made, the result is adjusted gross income (AGI), from which standard or itemized deductions are subtracted to compute the final taxable income on which income tax is based.
Lesson Videos
Adjustments and Deductions to Arrive at Adjusted Gross Income and Taxable Income Overview
Introduction to Adjusted Gross Income and Taxable Income
Above and Below the Line Items
Tax Credits, Deductions, and Phase-outs
Qualified Business Income
Adjusted Gross Income
Alimony, Child Support, and Student Loan Interest Expense
Individual Retirement Accounts
Health Savings Account
Self-Employment Retirement Accounts and Taxes
Penalty on Early Withdrawal of Savings
Itemized Deductions
The Standard Deduction
Tax Consequences of Home Ownership
Net Investment Income Tax
Kiddie Tax
Adjustments and Deductions to Arrive at Adjusted Gross Income and Taxable Income Summary
Adjustments and Deductions to Arrive at Adjusted Gross Income and Taxable Income - Practice Questions
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