- NY Credits : 6.0
- TX Credits : 6.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 6.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 6.0
Individual Income Tax - Above-the-Line Deductions
An important aspect of individual income tax preparation is adjusted gross income (AGI). A significant part of understanding the concept of AGI is knowing how adjustments to gross income affect AGI and, ultimately, an individual's tax liability. This course covers the most common adjustments to gross income and presents a hands-on approach to arriving at AGI, which is the benchmark for claiming many beneficial deductions or qualifying for tax credits.
NOTE: This course has been updated for legislation in the Tax Cuts and Jobs Act that affect 2017 tax returns. Changes for the 2018 tax year are noted but are not discussed as the course is based on 2017 tax form completion. While future updates of this course will contain the 2018 provisions and forms, please see specific Tax Cuts and Jobs Act courses in the meantime for detailed information regarding changes effective for tax years beginning after December 31, 2017.
Upon successful completion of Individual Income Tax - Above-the-Line Deductions, the user should be able to:
identify potential adjustments to gross income;
calculate and report deductible moving expenses, the student loan interest deduction, and miscellaneous other adjustments to gross income; and
complete the adjusted gross income section of Form 1040.