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How Do You Calculated Adjust Gross Income

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  • 07-16-2008, 04:13 PM
    blau
    How Do You Calculated Adjust Gross Income
    For Federal taxes

    How do you calculated your adjust gross income?

    Does your itemized deductions (including mortgage interest, local taxes ect) reduce you adjust gross income?
  • 07-16-2008, 06:15 PM
    non sequitur
    Re: How Do You Calculated Adjust Gross Income
    Look at your last income tax return. Adjusted gross income = gross income - deductions for adjusted gross income (that is, deductions other than itemized deductions and the personal exemption deduction.

    Examples of deductions that are subtracted from gross income to arrive at adjusted gross income:

    • penalty on early withdrawal of savings
    • IRA deduction
    • student loan interest deductin
  • 07-17-2008, 05:53 AM
    llworking
    Re: How Do You Calculated Adjust Gross Income
    Quote:

    Quoting blau
    View Post
    For Federal taxes

    How do you calculated your adjust gross income?

    Does your itemized deductions (including mortgage interest, local taxes ect) reduce you adjust gross income?

    Seriously, look at your last income tax return, or even at a blank 1040. It will be obvious. You can download a blank 1040 at irs.gov
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