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Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.
Qualified educators can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible and file a joint return, they can deduct up to $500 — but not more than $250 each.
Itemized deductions are taken "below-the-line" (after adjusted gross income has been calculated). Above-the-line deductions are not subject to the two-percent haircut. Additionally, above-the-line deductions are advantageous because they may be taken regardless of whether or not a taxpayer chooses to itemize his or her below-the-line deductions.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Above-the-line deductions are generally more advantageous for a high income taxpayer than so-called below-the-line deductions. Below-the-line deductions are subtracted from a taxpayer's adjusted gross income. Above-the-line deductions may also be subject to income-sensitive phaseouts or limitations, e.g., MAGI limits on the tuition and fees ...
The new year is a great time to restore your finances. For many Americans, holiday downtime is the right time to set new spending and saving goals, review budgets and establish retirement accounts ...
A tax credit, on the other hand, reduces the tax you owe — every $1 of tax credit reduces your tax bill by by $1. If you owe $10,000 in taxes and qualify for a $2,500 tax credit, your tax bill ...
The phaseout would reduce the amount of the deduction by 10% for each $2,000 (or fraction thereof) the taxpayer's AGI exceeds the AGI limit. In other words, a partial deduction would be allowed up to AGI's of $120,000 ($220,000 for married couples). Index the limits to inflation for tax years subsequent to 2019.
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