Above-the-Line Deductions

Tax System

Adjustments to gross income that reduce AGI and are available to all taxpayers regardless of whether they itemize. Examples include retirement contributions, student loan interest, and HSA contributions.

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Unit 03: standard vs itemizing

Tax System

Related Terms

Adjusted Gross Income (AGI)

Gross income minus above-the-line deductions. AGI determines...

Below-the-Line Deductions

Itemized deductions that are subtracted from AGI to arrive a...

Above-the-line deduction

A deduction subtracted from gross income to calculate AGI, a...