1040 Income Adjustments

Overview

Above-the-line deductions protect personal exemptions and itemized deductions from phase-outs, making them highly beneficial for taxpayers. This course covers often-overlooked deductions in the “Adjustments to Income” section of Form 1040, Schedule 1. These deductions are taken before calculating AGI (adjusted gross income), reducing gross income to determine AGI. Therefore, they apply regardless of whether a taxpayer itemizes.

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Objectives

  • identify the conditions that must be met, and determine the amount of adjustments to gross income deductions than can be claimed by individuals who are:
    • reservists, fee-based government officials, and/or performing artists
    • owners of health savings accounts
    • self-employed and paying for health insurance
    • payers of alimony or student loan interest
    • contributors to an IRA

Tax Year: 2023-2024

Designed For:

CPAs, EAs, and other tax professionals


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Course Information

Adding additional credit may change exam requirements.

Advanced Preparation: None