DESCRIPTION
This module discusses all the potential adjustments that are reported as Adjustments to Income, otherwise known as “above the line” adjustments before arriving at Adjusted Gross Income (AGI). After the initial opening exercise, the module walks through each category of Adjustments to Income, pausing for the occasional exercise or case study.
LEARNING OBJECTIVES
- Describe characteristics of taxable income items reported on Form 1040 Schedule 1 Part I.
- Describe the benefits of reducing Adjusted Gross Income.
- Describe the characteristics and limitations of tax deductions reported on Form 1040 Schedule 1 Part II.
- Calculate available IRA deductions under various scenarios.
