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Adjustments to Income 1

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Page 1: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

Adjustments to Income

1

Page 2: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

What is an adjustment to income?

• Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to lower their tax liability

• Adjustments to income vs itemized deductions

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Page 3: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

Intake and Interview Form

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Page 4: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

Page 1 Form 1040

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Page 5: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

Student Loan Interest• 1098-E (not everyone receives one from lender)• $2,500 max claimed• MFS cannot claim deduction• Cannot be a dependent

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Page 6: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

Educator Expenses• Expenses need to be documented• Must be a Teacher, Instructor, Counselor,

Principal, or Aide• Kindergarten-grade 12• $250 deduction per educator

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Page 7: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

Tuition and Fees • Cannot be used in conjunction with the American

Opportunity Credit or Lifetime Learning Credit. o If they are eligible for a education credit and a deduction, enter the

information both ways to see if the deduction or the credit is more beneficial

• MFS cannot take the deduction• Cannot be a dependent

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Page 8: Adjustments to Income 1. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to

IRA Contribution Deduction

• For clients who are making contributions to their traditional or Roth IRA.

• Maximum deductionso $5,500 under 50 years of ageo $6,500 over 50

• MFS with income over $10,000 cannot take the deduction

• Income limitso People making over $60,000, please see publication 590 for more rules

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