Adjustments for AGI

Question 1

What is the adjustment?

Educator Expenses

Note this is for eligble educators K-12 9 (or teaches 900 hours)

Answer 1

$300 of qualified expenses

Question 2

What is the adjustment?

Traditional IRA Contribution

Answer 2

$7,000 or $8,000 for 50+ (single)
$14,000 or $16,000 for 50+ (married)

Question 3

What is the adjustment?

Student Loan Interest

Phase-out for AGI
$80,000 - $95,000 (Single)
$165,000 - $195,000 (MFJ)

Answer 3

up to $2,500

Question 4

What is the adjustment?

Health Savings Account

Answer 4

$4,150 (pre-tax contributions) and/or additional $1,000 for 55+

Question 5

High Deductible Health Plan

Answer 5

Annual deductibles of $1,600 (self-coverage) $3,200 ( families)

Question 6

What is the adjustment?

Moving Expenses

Answer 6

All and this is only for members of the U.S. Armed Forces moving pursant to military order

Question 7

What is the adjustment?

Self-Employment Tax

Answer 7

50% of SE

Question 8

What is the adjustment?

Self-Employed Health Insurance

Answer 8

100%

Question 9

What is the adjustment?

Self-Employment Retirement Plans
(SEP, SIMPLE IRA, Solol 401(K))

Answer 9

SEP - Lesser of $69,000 ($76,500 for Taxpayers over age 50) or 20% of (S/E Net Income - Half of SE Tax Deduction)

SIMPLE IRA - Lesser of $16,900 ($19,500 for Taxpayers over age 50) or 100% of (S/E Net Income - Half of SE Tax Deduction)

Solo 401(K) - Lesser of $69,000 ($76,500 for Taxpayers over age 50) or 20% of (S/E Net Income - Half of SE Tax Deduction)

Question 10

What is the adjustment?

Penalty on Early Withdrawl of Savings

Answer 10

At least 10%

Question 11

What is the adjustment?

Alimony Paid

Remember this is only for divorce or separation agreemeners executed on or before December 31, 2018

Answer 11

Agreed payments

Question 12

What is the adjustment?

Certain Discrimination and Whistle-Blower Cases

Answer 12

Attorney Fees Paid

Question 13

Standard Deduction (Single, MFJ)

Answer 13

Single - $14,600
MFJ - $29,200