R1 M4 - Adjustments

Question 1

50 % of self-employment tax is an

A. Adjustment for AGI
B. Itemized Deduction
C. Qualified Business Income

Answer 1

A. Adjustment

Question 2

Please come up with a list of adjustment to arrive at adjusted gross income?

Answer 2

DEAD HAM STEPS

Deduction for contribution to certain self-employed retirement plan

Educator expenses

Alimony paid ( before 12/31/2018)

Deductible part of self-employment tax

Health Savings account deduction

Attorney fees paid in certain discrimination and whistle blower

Moving expenses (only army)

Self-employed health insurance deduction

Traditional IRA Contribution deduction

Penalty on early withdrawal of savings

Student loan Interest deduction

Question 3

Question 4

The Roman received a $1,000 federal tax refund of the prior year’s tax. The Romans had paid $4,000 of federal income tax in the prior year. Is federal income tax taxable?

Answer 4

No federal income tax refund is not taxable