Want a Bigger Refund? Check Out Above-the-Line Deductions
The standard deduction has been almost doubled this year, and above-the-line deductions stack!
ReadAdjusted Gross Income, or AGI, is your total gross income minus any specific deductions. Those specific deductions might include IRS contributions, student loan interest payments, self-employment tax, and health savings account contributions. Calculating AGI is the first step toward figuring your taxable income, and AGI is also used to determine eligibility for certain tax breaks.
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