Tax Preparation 2020 (Form 1040) #3 Adjustments to Income
Tax Preparation 2020 (Form 1040) #3 Adjustments to Income
405 Adjustments to Income
408 Adjustments to Income Student Loan Interest
409 Adjustments to Income Student Loan Interest
415 Charitable Contributions if you Take the Standard Deduction
417 Charitable Contributions if you Take the Standard Deduction
420 Adjustments to Income Half of Self-Employment Tax
422 Adjustments to Income Half of Self-Employment Tax
425 Self-Employed SEP, Simple, & qualified plans
427 Self-Employed SEP, Simple, & qualified plans
430 Adjustments to Income IRA Deduction
432 Adjustments to Income IRA Deduction
435 Adjustments to Income Self-Employed Health Insurance Deduction
437 Adjustments to Income Self-Employed Health Insurance Deduction
This course will discuss the major Adjustments to Income. Other terms you may hear used for Adjustments to Income include Above the Line Deductions, or Deductions for Adjusted Gross Income.
The Adjustments to Income are available to taxpayer that do not itemize as well as to those that do.
We will discuss the major deductions and then demonstrate them using different formats including tax forms, an income tax formula, and tax software.