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Hello @Harv123,
I hope you are doing well today. To answer your question, Yes, you would subtract your standard deduction amount from your adjusted gross income to determine your taxable income. Your taxable income is what is used to determine the income tax owed.
Please note, there are other items that can cause an adjustment to your gross income prior to subtracting the standard deduction. These are generally called "above the line" deductions. They are listed on the Schedule 1 and include items like educator expenses, student loan interest deduction, etc...
Please let me know if you have any additional questions.
Thanks,
Taylor, Tax Attorney, 12 Years
Hello @Harv123,
I hope you are doing well today. To answer your question, Yes, you would subtract your standard deduction amount from your adjusted gross income to determine your taxable income. Your taxable income is what is used to determine the income tax owed.
Please note, there are other items that can cause an adjustment to your gross income prior to subtracting the standard deduction. These are generally called "above the line" deductions. They are listed on the Schedule 1 and include items like educator expenses, student loan interest deduction, etc...
Please let me know if you have any additional questions.
Thanks,
Taylor, Tax Attorney, 12 Years
Correct. That is your taxable income.
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