1. Adjustments to Income 1

2. What is an adjustment to income? Expenses paid by the taxpayer that lowers taxable income and therefore has the potential to lower their tax liability Adjustments to income vs itemized deductions 2

3. Intake and Interview Form 3

4. Page 1 Form 1040 4

5. Student Loan Interest 1098-E (not everyone receives one from lender) $2,500 max claimed MFS cannot claim deduction Cannot be a dependent 5

6. Educator Expenses Expenses need to be documented Must be a Teacher, Instructor, Counselor, Principal, or Aide Kindergarten-grade 12 $250 deduction per educator 6

7. Tuition and Fees Cannot be used in conjunction with the American Opportunity Credit or Lifetime Learning Credit. o If they are eligible for a education credit and a deduction, enter the information both ways to see if the deduction or the credit is more beneficial MFS cannot take the deduction Cannot be a dependent 7

8. IRA Contribution Deduction For clients who are making contributions to their traditional or Roth IRA. Maximum deductions o $5,500 under 50 years of age o $6,500 over 50 MFS with income over $10,000 cannot take the deduction Income limits o People making over $60,000, please see publication 590 for more rules 8