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.

This course has been updated for legislation through the Securing a Strong Retirement Act of 2022 (SECURE 2.0). Additionally, this course is updated to reflect inflationary adjustments for health saving account contribution limits, individual retirement account contribution limits and adjusted gross income phase-out thresholds, and the deductible rate for moving expense mileage. Forms 1040 and 1040-SR are discussed including the additional schedules needed to complete more complex returns, particularly Schedule 1 (Form 1040) used to report all adjustments to gross income.

This basic level course is most beneficial to professionals new to this subject who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.