Which of the following is a deduction for AGI? a.Roof repairs to a personal use home. b.Contribution to a traditional IRA. c.Property tax on personal residence. d.Safe deposit box rental fee in which stock certificates are stored. e.All of these choices are correct.
Social Studies · High School · Thu Feb 04 2021
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b. Contribution to a traditional IRA.
Contributions to a traditional Individual Retirement Account (IRA) can be deducted from your gross income when calculating your Adjusted Gross Income (AGI). This deduction is one of the above-the-line deductions, meaning you don't have to itemize to take advantage of it, and it can reduce the amount of income that is subject to federal income tax.