Spouse did not live in home during last 6 months of tax year GROSS INCOME The

Spouse did not live in home during last 6 months of

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Spouse did not live in home during last 6 months of tax year GROSS INCOME The Internal Revenue Code defines gross income broadly as “except as otherwise provided…” o Awards, Back pay, Clergy fees, Commissions, Death benefits, Bonuses, Dividends, Embezzled funds, Farm Income, Gambling winnings, etc. o Exclusions include Annuities, Child support payment, veteran benefits, Inheritances, Welfare payments, etc. Deductions Individual taxpayers have two categories of deductions o Above the line deductions and below the line deductions Above the Line Deductions; o Ordinary and necessary expenses incurred in a trade or business o One half of self employment tax payed
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o Alimony paid o Certain payments to an Individual Retirement Account and Health Savings Account o Unreimbursed moving expenses o Fees for college tuition and related expenses o Interest on student loans Adjusted Gross Income (AGI) AGI is an important subtotal o Serves as the basis for computing percentage limitations on certain itemized deductions such as medical expenses, charitable contributions, and certain casualty losses o
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  • Fall '14
  • fabioambrosio
  • Accounting, Taxation in the United States, spouse, Individual Retirement Account

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