Tax Forms

Question 1

Calculate Taxable Income

Answer 1

Gross Income
(Adjustment - To arrive at AGI)
= AGI
Less: (Standard deduction or Itemized deduction)
(Exemptions)
= Taxable Income

Question 2

Adjustments

Answer 2

Health savings account
Investment penalties for early withdrawal
Self-employed health insurance premiums
Self-employed Retirement
1/2 Self-Employment Tax 
IRA Contributions
Student loan interest
Moving expenses
Alimony
Tuition - can't take AOC/Lifetime Learning Credit
Teacher expenses
Attorney fees in discrimination lawsuit
Domestic product production

Question 3

Itemized Deductions

Answer 3

Medical and Dental Expenses (over 10% AGI)
Taxes paid: State & Property Taxes
Interest paid
Charity: Cash = 50% AGI, Non-Cash = 30% AGI
Casualty: Net Loss - $100 - (AGI x 10%)
Misc: Travel, Tax prep, ect. over 2% AGI