Big Bill Above and Below the AGI line

[dlz887]

Just want to clarify 3 things on BBB -

1 The OT and tips deductions are both above-the-line.

2 But these three deductions are below-the-line -- senior, contributions for non-itemizers, and the revived QBI deduction [REIT dividends for me].

3 The $6,000 senior deduction and its MAGI phase-out ranges are not indexed for inflation during the 4-year life of this new deduction. I thought I saw an AICPA webinar slide that said they were indexed, but I don't think they are.

Thanks on all three questions. 

[rjs]

1. The deductions for overtime and tips are below the line. They do not reduce AGI.

2. Yes, the deductions for seniors, charitable contributions for non-itemizers, and qualified business income are below the line.

3. That is correct. The $6,000 deduction for seniors and the phase-out ranges are not indexed for inflation. I can't comment on what might have been shown in a webinar.