Above The Line
Barron's Business Dictionary:
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Above The Line
In general, amounts on a tax return that are deductible from gross income before arriving at adjusted gross income (agi) , such as IRA contributions, half of the self-employment tax, self-employed health insurance deduction, Keogh retirement plan and self-employed SEP deduction, penalty on early withdrawal of savings, and alimony paid. The term is derived from a solid bold line on Form 1040 and 1040A above the line for adjusted gross income. A taxpayer can take deductions above the line and still claim the standard deduction.
| Ability to Pay, Abc Method, Abatement | |
| Abrogate, Absence Rate, Absenteeism, Absentee Owner |
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Barron's Business Dictionary
Dictionary of Business Terms. Copyright © 2007 by Barron's Educational Series, Inc. All rights reserved.
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