Above the line deduction means an item that the taxpayers deduct from their gross income to reach the adjusted gross income in the individual tax returns form 1040. These items are deductions allowed to taxpayers that are other than itemized deductions and standard deductions.
The adjustments to gross income are collectively are called above-the-line deductions that are required to calculate AGI or adjusted gross income. The items that are included in the above-the-line deduction category are individual retirement account contributions, education expenses, moving expenses, deductible amount out of self-employment taxes, and any payments in respect of alimony.
1. Using Your Personal Financial Plan Sheet 22, compare the
1. Jamie Lee is considering a used vehicle, but cannot
Newlyweds Jamie Lee and Ross have had several milestones in the past
Troy has a credit card that charges 18% on outstanding balances
Nick and Nora are married and have three children in college.
Gene and Dixie, husband and wife (ages 35 and 32
How is the market for a stock created? How do brokerage
1. What is the benefit to Jamie Lee and Ross investing
Ted Riley owns a 2012 Lexus worth $40,000.
Julie wants to open a bank account with $75. Julie
