3a - Standard Deduction & Itemzed Overview

3a - Standard Deduction & Itemzed Overview -...

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Itemized Deductions and The Standard Deduction Federal Individual Income Tax  Online Lecture Series Presented by Akore Berliner, CPA
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Taxable Income Formula Income (broadly conceived) $x,xxx Less: Exclusions          (x,xxx) Gross Income $x,xxx Less: Deductions for AGI          (x,xxx) Adjusted Gross Income (AGI) $x,xxx Less: The greater of: Total itemized deductions or the standard deduction            (x,xxx) (x,xxx) Taxable Income $x,xxx
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Deductions For and From AGI Important distinction in tax language Adjusted Gross Income (AGI) determines the  amount  of certain  itemized deductions which are limited to amounts in excess of  specified percentages of AGI e.g., Medial expenses (7.5% of AGI), misc. itemized  deductions ( 2% of AGI) FOR ” AGI Various Items Deducted to arrive at AGI FROM ” AGI Various Items Deducted After AGI calculation Greater of Itemized or Standard Deduction
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This note was uploaded on 02/01/2012 for the course ACC 2546 taught by Professor Dean during the Summer '10 term at San Diego State.

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3a - Standard Deduction & Itemzed Overview -...

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