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?
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?
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