Above the Line or Below the Line when Discussing Adjusted Gross Income
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As it relates to Adjusted Gross Income and "Above the Line" or "Below the Line" when changes were made to the tax laws that created the phase out of certain itemized deductions, could there have been another way to create the same tax impact without the confusion that normally is created in the mind of taxpayers?
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Solution Summary
This solution of 311 words provides a comprehensive discussion regarding above the line and below the line taxes when arriving at adjusted gross income with sample calculations. Other methods and rationals as to the phaseouts are also discussed.
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I'm sure that there could have been another way to create the same tax impact. There is generally always more than one way to accomplish the same goal or task. In this case, the IRS implemented certain phaseouts which are now part of the Internal Revenue Code (IRC).
When dealing with itemized deductions, the phaseouts are really not phaseouts, they're limits. Phaseouts have to do with a portion of the expenses incurred being disallowed, which ...
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