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Tax Law Basics Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income
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12013
AARP FOUNDATION TAX-AIDE
INTRODUCTION TO INCOME TAX
22013
Tax Law Basics
All income is taxable, unless the law says it is not
No deduction is allowed, unless the law says it is
No credit is allowed,unless the law says it is
32013
Tax Law Basics
IncomeLess adjustments
= Adjusted gross IncomeLess deductions and exemptions
= Taxable Income
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Form 1040
Identity, status & exemptions Income Adjustments Deductions & exemptions Tax & nonrefundable credits Additional taxes Refundable credits
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Form 1040
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Income
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Adjustments
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Page 2
Nonrefundable
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Page 2 cont.
Refundable
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Training Materials
Pub 4491 – instruction guide Pub 4491-W – exercises to practice Pub 4012 – resource guide
and Form 6674 – certification test and
retest
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Pub 4491
Follows 1040 order
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Pub 4491
(cont.)
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4491-W
Work-book
142013
Intro to Income Tax
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