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Form 1040 - Schedule M Renton Washington: What You Should Know

Individual Income Tax Return with the “Additions and Subtractions” Get IRS guidance for filing your 2024 Individual Income Tax Return with “Additions and Subtractions”, including how to report any additional itemized deductions in the same box as your income. What is “Adjusted Gross Income” (AGI)? Income reported on your Form W-2, Wage and Tax Statement, is your AGI. If you have more than one taxpayer listed on the Form W-2 with your name on it, each taxpayer's AGI is considered to be their taxable income. Your total taxable income is multiplied by the number of taxpayers listed on your Form W-2. Example: Your Form 1040 has four taxpayers, each with their own AGI: Name AGI Amount 10,000.00 400.00 Total taxable income is 70,000.00 50,000.00 AGI is 10,000.00 (70,000.00 ÷ 4) This is not a correct answer, but is the correct one. In this example, it is considered that each taxpayer's AGI is 10,000. 10,000.00 is the number that is multiplied by 4. A person who had no taxable income would have a total income of: 10,000.00 ÷ 2 = 0.00 The person who reported taxable income, which includes taxable interest, could deduct his interest and would then have his AGI: (10,000.00 ÷ 2) × 5,000.00 = 5,000.00 A person who reported a taxable interest on Form 1040 would be considered to report additional income in the same box, which is 500.00. The income would be reported on Schedule M. However, he would not be allowed to deduct his interest (5,000.00 ÷ 2) on Schedule M because the AGI is already increased to 10,000.00. 2030 Deductions Do you have any deductions that you have to apply for? This will help you when you are preparing your 2024 Schedule A, which will take into account all the items that you can deduct.

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