Above The Line Deduction

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Dictionary Says

Definition of 'Above The Line Deduction'

Above the line deductions are certain types of deductions that are subtracted from your income before the adjusted gross income is calculated for tax purposes.
Investopedia Says

Investopedia explains 'Above The Line Deduction'

Above the line deductions include such items as losses on a property sale, alimony payments and educational expenses. Since above the line deductions are generally deducted from taxable income, they are advantageous to taxpayers in the sense that they reduce the overall tax burden.

Search results for

'Above The Line Deduction'

  • Increase Your Tax Refund With Above-The-Line Deductions

    http://www.investopedia.com/articles/tax/11/above-the-line-deductions.asp
    ... deduction. However, some deductions can be taken regardless of whether the taxpayer
    is able to itemize. Expenses in this category are known as above-the-line ...

  • Student Tax Breaks

    http://www.investopedia.com/articles/tax/10/student-tax-breaks.asp
    ... Taxpayers with incomes above the AGI thresholds listed for the education credits
    may still be eligible to take an above-the-line deduction for qualified ...

  • Personal Income Tax Guide: 6 Overlooked Deductions And Credits ...

    http://www.investopedia.com/university/personal-income-tax-guide/tax-guide5.asp
    ... Like the moving expense, this is an "above the line" deduction that can be claimed
    even if the taxpayer has no other itemized deductions. ...

  • Reporting Your Interest Income

    http://www.investopedia.com/articles/tax/10/interest-income.asp
    ... that you paid during the year. This amount is considered an above-the
    line deduction on the 1040. Box 3: Interest on US Savings ...

  • An Overview Of Itemized Deductions

    http://www.investopedia.com/articles/taxes/08/itemized-deductions-overview.asp
    ... the standard deduction. The Purpose and Nature of Itemized Deductions Itemized
    deductions fall into a different category than above-the-line deductions such as ...

  • Taxing Times For Divorced Parents

    http://www.investopedia.com/articles/pf/08/dependent-tax-credits.asp
    ... deductions. On a side note, an above-the-line deduction can be taken for this
    if the taxpayer is eligible for a health savings account. ...

  • The Fundamentals Of Spousal Support Taxation

    http://www.investopedia.com/articles/tax/10/spousal-support-taxation.asp
    ... Alimony paid is reportable as an above-the-line deduction, which means that the
    payor is not required to itemize in order to deduct these payments. ...

  • Saving For Retirement When You're Not Working

    http://www.investopedia.com/articles/retirement/09/vehicles-save-retirement.asp
    ... age or older. Individuals who contribute funds to the account receive
    an "above the line" deduction on their taxes. So how does ...

  • Top Tax Tips For Retirees

    http://www.investopedia.com/articles/tax/11/tax-tips-for-retirement.asp
    ... is completed, and the amount contributed is not allowed as a deduction on personal ...
    your tax bill, see Increase Your Tax Refund With Above-The-Line Deductions ...

  • How To Qualify For The Home-Office Tax Deduction

    http://www.investopedia.com/articles/pf/08/home-office-tax-deduction.asp
    ... the above criteria, then no home office deduction can be ... office expenses incurred
    for each separate line of business must meet the above criteria on a ...

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