Calculate Your Income: Tax
: Payments to a Traditional IRA or 401(k).
Gross Income - Above-the-Line Deductions = Adjusted Gross Income (AGI) ⚖️ Step 3: Choose Your Standard or Itemized Deduction
You can reduce your gross income by taking "above-the-line" deductions. These are available even if you don't itemize.
: Up to $300 for K-12 teachers purchasing classroom supplies.
You must decide between taking a fixed "standard" deduction or listing specific "itemized" expenses. Choose whichever is higher to lower your taxable income the most. Filing Status Deduction Amount Single / Married Filing Separately Married Filing Jointly Head of Household
: State and local taxes, now capped at $40,400 for most filers. Mortgage Interest : Interest on up to $750,000 of home debt.
: Up to $2,500 in interest paid on qualified loans.
: Payments to a Traditional IRA or 401(k).
Gross Income - Above-the-Line Deductions = Adjusted Gross Income (AGI) ⚖️ Step 3: Choose Your Standard or Itemized Deduction
You can reduce your gross income by taking "above-the-line" deductions. These are available even if you don't itemize.
: Up to $300 for K-12 teachers purchasing classroom supplies.
You must decide between taking a fixed "standard" deduction or listing specific "itemized" expenses. Choose whichever is higher to lower your taxable income the most. Filing Status Deduction Amount Single / Married Filing Separately Married Filing Jointly Head of Household
: State and local taxes, now capped at $40,400 for most filers. Mortgage Interest : Interest on up to $750,000 of home debt.
: Up to $2,500 in interest paid on qualified loans.
