Adjustments To Income - IRS Tax Forms

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Adjustments to IncomeTime Required: 30 minutesIntroductionObjectivesThis lesson covers theAdjustments to Income section ofthe tax return. Taxpayers cansubtract certain expenses,payments, contributions, fees,etc. from their total income. Theadjustments subtracted from totalincome on Form 1040 establishthe adjusted gross income (AGI).Identify which adjustments arein scope for VITA/TCE.Calculate and accuratelyreport the adjustments toincome that are in scope forVITA/TCE.TopicsEducator ExpensesSelf-Employment TaxPenalties for Early WithdrawalAlimony PaidIRA ContributionsStudent Loan InterestJury DutyKey TermsAdjusted Gross Income (AGI): The taxpayer's total adjusted gross income (AGI) is the amount that isused to compute some limitations, such as the medical and dental deduction on Schedule A and thecredit for child and dependent care expenses.Alimony: Payment to or for a spouse or former spouse under a separation or divorce instrument.Coverdell ESA: A trust or custodial account created or organized in the United States only for thepurpose of paying the qualified education expenses of the designated beneficiary of the account.Modified Adjusted Gross Income (MAGI): The adjusted gross income with certain modifications.Nondeductible Traditional IRA Contributions: Traditional IRA contributions that taxpayers may notdeduct from their total income because the taxpayers do not meet the requirements; also includesremaining contributions from a partial IRA deduction.Traditional IRA: An individual retirement arrangement that is not a Roth IRA or a SIMPLE 1

Adjustments to IncomeTeacher TipsGuidelines for LessonGuidelineInstructor NotesPresentation AidsLessonbackground infoReview the online demo of TaxSlayer onIncome.TaxSlayer Demo:From the Practice Lab, select: TaxSlayer IRS training Click the appropriate demoProvide detailsand engage thestudentsDiscuss all tips and cautions in detail.Internet:Link & Learn Taxes (L<)Adjustments to IncomeAsk students to read and/or role-playexamples and sample interviews.Review answers to each exercise; askstudents how they arrived at theiranswers.Topic-specific TipsTopic NameInstructor NotesPresentation AidsIntroductionReview lesson objectives.Visual:Form 1040Review list of references.State the presentation time.Use Form 13614-C answers todetermine if the taxpayer hasadjustments to income.Adjustments toIncomeRemind: Total income – adjustments adjusted gross income (AGI).Ask taxpayers if they have: Educator Expenses? Self-employment income? Self-employed health insurance? Early withdrawal of savings? Alimony? Contribution to an IRA? Contribution to an HSA? Student loan interest? Jury duty income repaid to employer?Form 13614-C, Page 2, Part IVPub 4012, Tab E, AdjustmentsVisual:Form 13614-C, Page 2, Part IV,question 3Pub 4012, Tab E, Adjustments,Adjustments to Incomepage 2

Adjustments to IncomeEducatorExpensesReview L< topic Educator Expenses.Explain to students which expensesqualify for deduction.Remind students that only K-12teachers who work a minimum of 900hours during the school year may takethe deduction.Self-EmploymentTaxReview L< topic Self-EmploymentTax.Explain self-employment healthinsurance deduction.Remind students that the selfemployment tax is automaticallycalculated from Schedule SE.Remind students that the Other Taxeslesson covers this topic.Penalties forEarly WithdrawalVisuals:Pub 4012, Tab E, Adjustments,Educator ExpensesInternet:Tax Topics, Work-Related EducationExpensesVisuals:Pub 4012, Tab E, Adjustments, Selfemployed Health InsuranceDeductionForm 1040Internet:Self-Employment video, SmallBusiness WorkshopTaxSlayer Demo:Self-Employed Health InsuranceDeduction Worksheet to figure thedeductible amount.Review L< topic Penalties for EarlyWithdrawal.Visuals:Form 1040Remind students that early withdrawalscan be found on Form 1099-INT orForm 1099-OID.For

Form 1040 Instructions ; Form 1040 Instructions Schedule SE (Form 1040) Schedule SE (Form 1040), Self-Employment Tax Form 1098- E . Form 1098- E, Student Loan Interest Statement Form 1098- T . Form 1098- T, Tuition Statement Form 1099-INT . Form 1099-INT, Interest Income

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Adjustments to Income 17-1 Adjustments to Income Introduction This lesson covers the Adjustments to Income section of Form 1040, Schedule 1. Taxpayers can subtract certain expenses, payments, contributions, fees, etc. from their total income. The adjustments, subtracted from total income on Form 1040, establish the adjusted gross income (AGI).

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