Tax planning can significantly reduce your income tax liability. During the course, you learned about the...

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Tax planning can significantly reduce your income tax liability. During the course, you learned about the IRS personal income tax form 1040 and how it is constructed. You learned that above-the-line deductions can reduce your "adjusted gross income," which is important because AGI is linked to deduction phase-outs and eligibility for certain tax-advantaged benefits. Which of the following items are allowable adjustments to gross income (i.e., above- the-line adjustments)? (1) Contribution to an individual retirement arrangement (IRA) (2) Interest on a qualified student loan (3) Charitable contributions (4) Contributions to a health saving account (5) Qualified interest on a home mortgage (6) State and local taxes (7) Lifelong learning credit O 1, 2 and 4 O 1, 2, 4 and 7 O 1, 2, 3, 4, 5 and 6 O 3, 5 and 6 Tax planning can significantly reduce your income tax liability. During the course, you learned about the IRS personal income tax form 1040 and how it is constructed. You learned that above-the-line deductions can reduce your "adjusted gross income," which is important because AGI is linked to deduction phase-outs and eligibility for certain tax-advantaged benefits. Which of the following items are allowable adjustments to gross income (i.e., above- the-line adjustments)? (1) Contribution to an individual retirement arrangement (IRA) (2) Interest on a qualified student loan (3) Charitable contributions (4) Contributions to a health saving account (5) Qualified interest on a home mortgage (6) State and local taxes (7) Lifelong learning credit O 1, 2 and 4 O 1, 2, 4 and 7 O 1, 2, 3, 4, 5 and 6 O 3, 5 and 6

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The Following items are allowable adjustments to gross ... View the full answer