RI Individual tac return fomula

Question 1

Gross Income

Answer 1

Includes everything that is considered income or loss

Wages
interest
dividends
state tax refund
alimony received
business income
capital gain/loss
IRA income
Pension and annuity
rental income loss
K-1 flow through income/loss
unemployment compensation
social security benefits
other income

Question 2

(Adjustments)

Answer 2

Educator expenses
IRA contributions (Traditional)
Student loan interest
Health savings account
Moving expenses
One-half self-employment tax
Self-employment health insurance
interest withdrawal penalties
Alimony paid

Question 3

(Itemized deductions)

Answer 3

Medical (In excess of 7.5% of AGI)
Taxes- State/local (property and either income or sales, up to $10,000
Interest expense (Home and investment)
Charitable contribution
Casualty/theft loss attributable to federal disaster( in excess of $100 floor and 10% of AGI)