Question
3. Choosing the standard deduction or itemized deductions The IRS allows you to reduce your adjusted gross income by either the amount of your standard
3. Choosing the standard deduction or itemized deductions
The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filling status, or by the sum
of vour itemized deductions
The following statement refers to deductions from adiusted gross income.
The government estimates a likely amount of tax-deductible expenses for each filing status to determine the standard deduction V .
The U.S. Individual Income Tax Return (Form 1040) Schedule A lists six areas of itemized deductions. Which of the following can be included in
itemized deductions? Check all that apply.
Casualty and theft losses not pald by insurance
Taxes you paid
- Gambling losses but only to the extent of gambling winnings
- Medical and dental expenses not paid by insurance in excess of 7.5% of adjusted gross income
O Unemployment compensation
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