Above and Below the Line Deductions Flashcards by Jordan Cochrum

Q

IRA contributions

A

Above

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Q

Student loan interest - 2500 cap

A

Above

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Q

Keogh/sep

A

Above

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Q

1/2 SE tax

A

Above

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Q

Alimony paid

A

Above

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Q

SE health insurance

A

Above

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Q

Moving expenses (military)

A

Above

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Q

Penalty for early withdrawal of savings (ex: CDs)

A

Above

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Q

HSA

A

Above

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Q

Medical expenses 7.5% floor

A

Below

(MY)

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Q

SALT +Real Estate

A

Below
(TAXES paid)

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Q

Interest paid
- Home Mortgage
- Margin

A

Below
(IS)

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Q

Charitable Gifts

A

Below
(COUNTED)

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Q

Casualty Loss

A

Below
(CORRECTLY)

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Q

Gross Income - Above the Line Adjustments = ?????

A

Adjusted Gross Income

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Q

Adjusted Gross Income - Below the Line Deductions = ?????

A

Taxable Income