CFP

AAA

Income Tax Fundamentals and Calculations - Adjustments

Adjustments
The "adjustments" or "deductions" to gross income are taken directly against gross income to determine Adjusted Gross Income (AGI), they are listed on lines 23-35 on the front page of the tax return Form 1040.


Common "Adjustments" to Total Income:

  • Education expenses
  • Health savings account deduction
  • Moving expenses
  • One-half self-employment tax
  • Contributions to self-employed retirement plans
  • Self-employed health insurance deduction
  • Alimony paid
  • IRA contribution deductions
  • Student loan interest deduction
  • Tuition and Fees deduction
GROSS INCOME – ADJUSTMENTS = ADJUSTED GROSS INCOME (AGI)

Standard / Itemized Deductions
Related Articles
  1. How Much Does A Financial Advisor Earn?
    Investing Basics

    How Much Does A Financial Advisor Earn?

  2. Top 5 Forex Risks Traders Should Consider
    Economics

    Top 5 Forex Risks Traders Should Consider

  3. Funding Higher Education With An ISA
    Investing Basics

    Funding Higher Education With An ISA

  4. 7 Ways To Protect Against Credit Card ...
    Credit & Loans

    7 Ways To Protect Against Credit Card ...

  5. New 2015 Contribution Limits: Advisors ...
    Investing Basics

    New 2015 Contribution Limits: Advisors ...

Trading Center