Below-the-line deduction

Tax System

A deduction subtracted from AGI, available only if you itemize rather than take the standard deduction. Examples include mortgage interest, charitable contributions, and state taxes.

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Unit 01: income taxation

Tax System

Related Terms

Itemized deduction

Individual deductions that can be claimed instead of the sta...

Standard deduction

A fixed dollar amount that reduces taxable income, available...

Above-the-line deduction

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