Arguably, the most important figure on your tax return is your Adjusted Gross Income (AGI). AGI determines eligibility for a wide range of tax deductions and credits. In this video, you'll have a brief look into what goes into computing this pivotal figure. And if you need your AGI to e-file your current year's return, this video will show you where to find it.
2023 UPDATE:
The Adjustment for Educator Expenses has been increased to $300 ($600 if married filing jointly and both are educators) for 2022.
Schedule 1 has been significantly altered and expanded, with Adjustments listed on page 2 of the form. Line items have been added for many additional "miscellaneous adjustments."
The Tuition and Fees Deduction is no longer available.
To learn more about standard v. itemized deductions, click here: • Can I Itemize Deductions?
For more information on self-employment tax, click here: • What is Self-Employmen...
More information on Health Savings Accounts can be found here: • Health Savings Account...
Find out more about IRA Contributions here: • IRA 101: Contributions
The Student Loan Interest Deduction is discussed here: • The Student Loan Inter...
Resources and additional information:
IRS Form Schedule 1: "Additional Income and Adjustments to Income": www.irs.gov/pub/irs-pdf/f1040...
For additional information of Student Loan Interest and Tuition and Fees Deductions:
IRS Publication 970: "Tax Benefits for Education": www.irs.gov/pub/irs-pdf/p970.pdf
IRS Publication 969: "Health Savings Accounts:" www.irs.gov/pub/irs-pdf/p969.pdf
IRS Publication 590-A: "Contributions to Individual Retirement Arrangements (IRAs)": www.irs.gov/pub/irs-pdf/p590a...
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Intro and background music: “Bluesy Vibes” - Doug Maxwell - RU-vid Audio Library
DISCLAIMER:
The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.
The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.
3 мар 2021