Itemizedeductionsonschedulea

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Unformatted text preview: ctions have been made. These reductions are called adjustments to income, and include the following Contributions to a traditional IRA or Keogh Alimony payments Student loan interest up to $2,500 Moving expenses 23 Taxable Income Recap Taxable Income Recap Gross Income Minus Adjustments = AGI Schedule A or Minus Standard Deduction Exemptions = Greater of Minus Taxable Income 24 After Computing AGI After Computing AGI Step 2: Computing Taxable Income Next subtract the > of standard deduction from AGI ($12,200 married/ $6,100 single in 2013) OR 25 After Computing AGI After Computing AGI Step 2: OR DEDUCT Itemize deductions on Schedule A Medical and dental expenses >10% of AGI Property taxes, state income taxes Mortgage interest, investment interest Charitable contributions Job­related expenses, tax prep fees > 2% AGI Note: 1) Interest on other loans such as autos and credit cards is NOT deductible and 2) As your AGI increases, odds are you need to file Schedule A rather than use the standard deduction 26 Taxable Income Recap Taxable Income Recap Gross Income Minus Adjustments = AGI Schedule A or Minus Standard Dedu...
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This document was uploaded on 02/12/2014.

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