Question

Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and allowable exemptions. Itemized deduction example G. This term refers to allowable expenses that are deducted from AGI H. Deductions such as employee, personal retirement, higher education, and support Capital gains tax categories expenses are included in this category. Steps to AGI I. This is adjusted annually for changes in cost of living. J. This is used to calculate limits for certain itemized deductions. Steps to taxable income

Answer 1

Answer:

Answer H. J. G. Term Adjustments Adjusted gross Income Deductions Standard Deduction Itemized deductions Exemptions Itemized deductions example Capital gains tax categories Steps in AGI Steps in taxable income Description Deductions such as employee, personal retirement, higher education and support expenses are included in this category. This is used to calculate limits for certain itemized deductions This term refers to allowable expenses that are deducted from AGI This is adjusted annually for changes in cost of living Examples of this term includes charitable deductions, state and local taxes, and moving expenses This is a claim made by taxpayer for each person supported by taxpayer's income. This is mortgage interest expense This is taxed as ordinary income if held less than 12 month This term equals gross income less adjustments Reduce AGI by the standard deduction and allowable exemptions