Worldwide income from whatever source derived, unless excluded from taxation by law.
What is gross income?
100
Income items (including those that reflect a loss) minus adjustments.
What is adjusted gross income?
100
A specific amount that a taxpayer may reduce the amount of income that is subject to tax based on their filing status.
What is standard deduction?
100
Credit worth $1000 per dependent under the age of 17 that is being claimed on the tax return.
What is child tax credit?
100
Used to figure out tax on taxable income less than $100,000.
What is the tax table?
200
Income received for services performed, including wages, commission, tips and generally farming and other business income.
What is earned income?
200
Deduction of up to $250 for qualified expenses available to eligible taxpayers ($500 if MFJ and both taxpayer and spouse qualify).
What is educator expense deduction?
200
A dollar amount of $4,000 (2015) allowed by law as a reduction of income that would otherwise be taxed.
What is an exemption?
200
Credit only available to lower-income taxpayers with earned income.
What is earned income credit?
200
Worksheet required to be used when taxpayer has Qualified Dividends and/or Capital Gain Distribution.
What is the Qualified Dividends and Capital Gain TAX Worksheet?
300
Income from inheritances, gifts, federal income tax refunds and child support.
What is nontaxable income?
300
Adjustment to income limited to $2,500 per return for payments made during the year for qualified loan?
What is student loan interest deduction?
300
An additional amount that taxpayers may deduct to reduce taxable income if they are age 65 or older and/or blind.
What is increased standard deduction?
300
Credit available only to single parents or two career couples who have expenses for young children while they work.
What is child and dependent care credit?
300
10%, 15%, 25%, 28%, 33%, 35%, 39.6%.
What are the tax brackets?
400
Income received from investing money or other property, such as interest, dividends, rents and royalties. (Includes pensions, alimony, unemployment compensation etc).
What is unearned income?
400
A deduction of up to $4,000 per tax return for qualified expenses related to education.
What is tuition and fees deduction?
400
Adjusted Gross Income minus Standard Deduction or Itemized Deduction minus exemptions.
What is taxable income?
400
This credit cannot be claimed if you have been convicted of a felony drug offense.
What is American Opportunity Credit (AOC)?
400
Used to figure out tax on taxable income of more than $100,000
What is the tax computation worksheet?
500
Added to wages, if any, and reported on Form 1040A, line 7, with “SCH (amount)” printed in the left margin.
What is taxable scholarship?
500
A taxpayer or spouse who made a contribution to a specific retirement plan, may be eligible to deduct up to $5,500 ($6,500 if 50 or older) from their gross income.
What is an IRA deduction?
500
Certain personal expenditures allowed by the Tax Code as deductions from Adjusted Gross Income.
What is itemized deductions?
500
A credit that helps pay the cost of health coverage through the Marketplace.
What is premium tax credit?
500
An additional tax on income from qualified retirement plans and IRS when the taxpayer has not reached age 59 ½.