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Above the line means deductions made to arrive at

Posted on: May 12, 2020 at 09:53:01 CT

SparkyStalcup MU

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M.O.B. Votes:

the calculation for adjusted gross income (AGI).

Some of these for 2017 included education expenses, moving expenses, student loan interest, and IRA contributions. The new tax law eliminated some of these deductions, and altered others.

Itemized deductions, or below the AGI line (deducted after AGI is calculated) include things like mortgage interest. Itemized deductions are subject to a 2% of AGI floor.

Why this is important is that above the line deductions happen no matter what your other deductions are. Below the line deductions are restricted to either your itemized deductions OR the standard deduction. Raising the standard deduction also reduced the ability for folks to itemize, combined with elimination of the $4000 personal exemption.

Edited by SparkyStalcup at 09:57:12 on 05/12/20

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Must say is was fun to watch DJT fold yesterday at presser - raskolnikov MU - 5/12 07:54:42

When hasn’t he folded? - El-ahrairah BAMA - 5/12 07:56:26

He walked out of a press conference - 4TigersinMichigan MU - 5/12 07:58:08

RE: He walked out of a press conference: Obama panics and - BH O'bonga MU - 5/12 09:02:10

lol (nm) - ashtray UF - 5/12 09:10:48

In a 2yr old's pout.(nm) - Toger STL - 5/12 08:14:30

He did cut taxes, well, for some people at least. Nm - SparkyStalcup MU - 5/12 07:57:14

No, tax revenues have went up every year - El-ahrairah BAMA - 5/12 07:59:58

Have went up?(nm) - raskolnikov MU - 5/12 08:15:32

Are you looking at the tax % withheld from incomes or - MIZ45 MU - 5/12 08:14:55

im looking at total tax revenue from American people - El-ahrairah BAMA - 5/12 08:23:44

While I agree that he is (obviously), is that a result of - MIZ45 MU - 5/12 08:42:01

why does that matter? - ashtray UF - 5/12 09:11:56

If you're only looking at your personal financial situation - MIZ45 MU - 5/12 09:28:13

I paid a lot more in tariffs so my income tax savings - ashtray UF - 5/12 09:30:04

Ah, good point about the tariffs. (nm) - MIZ45 MU - 5/12 09:33:47

Revenues were down 9.1% of what they would be under the old - SparkyStalcup MU - 5/12 08:08:49

And that negates the fact that there would not have been - 4TigersinMichigan MU - 5/12 08:09:48

Actually, the tax cut didnt actually spur much growth - SparkyStalcup MU - 5/12 08:12:56

There is no such thing as wrong tax cut. - ummmm MU - 5/12 08:17:05

No, the tax cuts were also aimed at the upper class - SparkyStalcup MU - 5/12 08:19:47

It didn’t put money in their pockets - El-ahrairah BAMA - 5/12 08:27:54

Semantics aside, the tax cut did not move the needle much - SparkyStalcup MU - 5/12 09:09:52

Yeah, it was also aimed at middle class people too. - ummmm MU - 5/12 08:24:15

Overall tax receipts went up because of population growth - SparkyStalcup MU - 5/12 09:17:59

so you must have had that econ professor that - ashtray UF - 5/12 09:20:23

Apparently you did have that professor, which is why you - SparkyStalcup MU - 5/12 09:27:32

I didn't say "always" - ashtray UF - 5/12 09:30:55

For me and probably you(nm) - hefeweizen MU

- 5/12 07:58:35

I actually paid more the last 2 years than I would have - SparkyStalcup MU - 5/12 07:59:35

Then you must be rich(nm) - hefeweizen MU

- 5/12 08:00:35

No, I'm not rich. If I were rich, I would have had my taxes - SparkyStalcup MU - 5/12 08:02:15

I'm not rich either and my taxes were cut. You must - hefeweizen MU

- 5/12 08:09:56

Maybe you're just poorer than you realize (nm) - Da_Haze KC - 5/12 08:42:34

Maybe. Did I mention I'm going on vacation in 3 weeks - hefeweizen MU

- 5/12 08:54:30

You did not have enough of those to eclipse the increase - 4TigersinMichigan MU - 5/12 08:03:30

My deductions were above the line deductions - SparkyStalcup MU - 5/12 08:10:07

RE: My deductions were above the line deductions - scan MU - 5/12 08:34:47

Above the line means deductions made to arrive at - SparkyStalcup MU - 5/12 09:53:01

RE: Above the line means deductions made to arrive at - scan MU - 5/12 09:55:37

Most deductions are itemized. There are a few that are not n - SparkyStalcup MU - 5/12 10:42:36

It really could only happen if he started making - 4TigersinMichigan MU - 5/12 08:01:37

People with kids had their taxes cut far more - SparkyStalcup MU - 5/12 08:17:31

Unless your financial condition changed significantly - 4TigersinMichigan MU - 5/12 08:00:26