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Standard Deductions & Exemptions Schedule A

4491-19 Standard Deduction and Tax Computation v11.0 VO.pptx. Standard Deductions & Exemptions Schedule A. Pub 17 Chapter 20 Pub 4012 Tab F and Tab 4. Deductions. AGI minus deductions & exemptions equals taxable income TP takes either Standard Deduction or Itemized Deductions on Schedule A

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Standard Deductions & Exemptions Schedule A

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  1. 4491-19 Standard Deduction and Tax Computation v11.0 VO.pptx Standard Deductions & ExemptionsSchedule A Pub 17 Chapter 20 Pub 4012 Tab F and Tab 4 Tax Law Training (NJ) TY2011 v11.0

  2. Deductions • AGI minus deductions & exemptions equals taxable income • TP takes either Standard Deduction or Itemized Deductions on Schedule A • Additional Standard Deduction Allowance if over 65 or blind • Refer to Pub 4012 Tab F to determine allowable standard deduction. Tax Wise does this automatically Tax Law Training (NJ) TY2011 v11.0

  3. Exceptions To Deductions • Married Filing Separately • Spouse has itemized – TP must itemize • Spouse took Standard – TP must take Std • Non-Resident Alien MUST itemize. Tax Law Training (NJ) TY2011 v11.0

  4. Exemptions • Personal exemption amount of $3,700 times the number in Form 1040 Box 6d • The total exemption is automatically calculated by TaxWise Tax Law Training (NJ) TY2011 v11.0

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