The sum of all income sources is your total income. Deductions on your Form 1040 fall into two broad categories:Ībove-the-line deductions (also known as adjustments to income) get their name because they appear above the line for adjusted gross income (AGI) on Form 1040.Ĭlaim your deductionsĭeductions from your total income reduce your taxable income. ![]() These deductions reduce your AGI, and you don’t have to itemize to claim them. Contributions to health savings accounts.The deductible portion of self-employment taxes.Contributions to self-employed retirement plans and IRAs. ![]() ![]() Self-employed health insurance premiums.Itemized deductions or the standard deduction If you qualify for any above-the-line deductions, complete Schedule 1.Ģ. When you file Form 1040, you have the option of itemizing deductions or claiming the standard deduction by completing Schedule A.
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