why is my taxable income less that my agi?

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why is my taxable income less that my agi?

2007-01-24 02:35:15 · 3 answers · asked by LeAnn M 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

From your AGI you get to deduct either your itemized, or standard deductions on line 40 of the 1040 Form, as well as the exemption deduction on line 42.

2007-01-24 02:43:00 · answer #1 · answered by anr 3 · 4⤊ 0⤋

AGI doesn't include your exemptions or your standard/itemized deductions. There may also be a tax credit

2007-01-24 11:08:34 · answer #2 · answered by Dizney 5 · 1⤊ 0⤋

Because of a personal exemption and the standard or itemized deductions.

2007-01-24 10:41:01 · answer #3 · answered by Wayne Z 7 · 4⤊ 0⤋