For each of the following items indicate if the expense is: A. An adjustment for AGI (above the line) B. Deduction from AGI(below the line/itemized deduction) C. Neither 1. Premiums paid on personal life insurance  2. State income taxes paid 3. Loss on sale of personal auto 4. Fees paid for tax return preparation  5. Federal income taxes paid 6. Contributions to Health Savings Account 7. Donations to Charity  8. Health insurance premiums paid by a self-employed individual 9. Interest paid on home mortgage indebtedness of $250,000 10. Union dues not reimbursed by an employer

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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For each of the following items indicate if the expense is:

A. An adjustment for AGI (above the line)

B. Deduction from AGI(below the line/itemized deduction)

C. Neither

1. Premiums paid on personal life insurance 

2. State income taxes paid

3. Loss on sale of personal auto

4. Fees paid for tax return preparation 

5. Federal income taxes paid

6. Contributions to Health Savings Account

7. Donations to Charity 

8. Health insurance premiums paid by a self-employed individual

9. Interest paid on home mortgage indebtedness of $250,000

10. Union dues not reimbursed by an employer

 

Expert Solution
Step 1

1. Premiums paid on personal life insurance  - Deduction from AGI

 

2. State income taxes paid - Neither

 

3. Loss on sale of personal auto - An adjustment from AGI

 

4. Fees paid for tax return preparation  - An adjustment from AGI

 

5. Federal income taxes paid - Neither

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