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Los Angeles California Form 1040 (Schedule A): What You Should Know

Calculating Your Federal Credits: Where Do You Except? Calculating your federal adjusted gross income depends on where you live and your filing state. To determine adjusted gross income, use the tables at page 32 ‑ Calculation of Married (Filing Jointly) Taxable Income, and page 32 ‑ Calculation of Separated (Filing Separately) Taxable Income. Adjusted gross income is the amount of self-employment income or gross income for an individual for the tax year divided by the standard deduction for single and married filing separate taxpayers.  Income from sources, including the federal government, not subject to state taxes Is taxable. A federal benefit is taxable, unless you have taken a deduction or exemption for it. Examples : If the state tax is lower than income tax (like in Alaska), don't make it taxable. You will have to add the difference to your income tax. You should see a lower federal tax percentage if you use state programs and benefits to offset your federal taxes. The state programs and benefits include things like: · Tuition and fees · Grants, scholarships, contracts, tax breaks, and payments received for work · Child care payments · Social Security benefits · State or local income tax exemptions · Student loans (you may be able to deduct your share of the interest) · Medical, dental, and vision benefits · Unemployment Compensation For more information, see IRS Publication 501 (tips and tricks for income tax preparers). You can't take any income or deductions from these amounts, except for those specifically allowed. Income above the California and Federal Poverty Guidelines and the California Standard Deduction, The amount above these amounts is taxable. You can take no additional pay (Federal income tax), but you are also subject to California withholding tax. In many cases, you can make up to 4,000 a year (2,400 a month) of qualified retirement plan contributions. Contributions to a qualified plan must be for you; the contributions cannot be made by your spouse. The amount of your qualified retirement plan deduction may be based on your filing status—single or married filing separate. You may qualify for a higher standard deduction. You may also qualify for a higher deduction for contributions made to an Individual Retirement Plans or a 401(k) plan.

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