Deductions for adjusted gross income
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Identify the deductions allowed when computing Adjusted Gross Income. Select at least two items from this list and explain how you qualify for the deduction including any additional details that you feel is relevant.
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Solution Summary
The solution identifies deductions allowed when computing the AGI and explains in detail two items from the list.
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When computing adjusted gross income, following deductions are to be made from gross income:
1. Trade and business deductions
2. Certain trade and business deductions of employees
3. Losses from sale or exchange of property
4. Deductions attributable to rent and royalties
5. Certain deductions of life tenants and income beneficiaries of property
6. Pension, profit-sharing, and annuity plans of self-employed individuals
7. Retirement savings
8. Penalties forfeited because of premature withdrawal of funds from time savings accounts or ...
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