Definitions ·| ncome Exclusion Gross income Deductions for adjusted gross income(AGl) Adjusted gross income (AGl) · Deductions from aG
Definitions • Income • Exclusion • Gross income • Deductions for adjusted gross income (AGI) • Adjusted gross income (AGI) • Deductions from AGI
Definitions Itemized or standard deductions Personal and dependency exemptions Taxable income Tax rates and gross tax Credits and prepayments
Definitions • Itemized or standard deductions • Personal and dependency exemptions • Taxable income • Tax rates and gross tax • Credits and prepayments
temized deductions Qualifying medical expenses, taxes, investment and residential interest, charitable contributions personal casualty and theft losses, miscellaneous if greater than standard deduction Some items limited by varying percentages of adjusted gross income Maximum reduction in such itemized deductions is 80% of total itemized deductions
Itemized Deductions • Qualifying medical expenses, taxes, investment and residential interest, charitable contributions, personal casualty and theft losses, & miscellaneous if greater than standard deduction • Some items limited by varying percentages of adjusted gross income • Maximum reduction in such itemized deductions is 80% of total itemized deductions