R1:M1 - Filing Requirements, Filing Status, Exemptions

Question 1

What are the 14 items included in Gross Income (GI)?

Answer 1

1. Wages
2. Interest
3. Dividends
4. State Tax Refund
5. Alimony received
6. Business Income
7. Capital Gain/Loss
8. IRA Income
9. Pension & Annuity
10. Rental Income/Loss
11. K-1 Income/Loss
12. Unemployment Compensation
13. Social Security Benefits
14. Other Income

Question 2

What are the 11 items that can be deducted as adjustment?

Answer 2

1. Educator Expenses
2. IRA
3. Student Loan Interest Expenses
4. Tuition and Fee Deduction
5. Health Savings Account
6. Moving Expenses
7. ½ Self-Employment Taxes
8. Self-Employed Health Insurance
9. Self-Employed Retirement
10. Interest Withdrawal Penalty
11. Alimony Paid