**What some [[Tax Index|Tax]] terms mean, mostly from the 1040** **Total income** - what's called your "Taxable Gross" at work, it's gross minus [[Tax-Deferred|pre-tax]] deductions **Adjustments to income** - adding income from other sources, subtracting expenses for school **Adjusted Gross Income (AGI)** - Total Income + Adjustments to Income **Standard Deduction** - the baseline you may choose to use **Other Deductions** - "Above-the-line" deductions - these apply on top of the Standard Deduction - ==Educator expenses== - Some self-employment stuff - Student loan interest "Itemized" deductions - these apply only if you're itemizing: - Medical/Dental expenses - State/local income & property taxes - Home mortgage interest - Gifts to charity - Losses to theft **Deduction Total** - Standard (or Itemized) deductions + above-the-line deductions **Taxable Income** - your AGI less your Deduction Total **Tax** - where your Taxable Income meets the Piecewise Linear Tax Line **Payments & Credits** - how much you've been credited (childcare, mostly, for me) These credits could take your tax liability to $0, but no further **Total Tax** - Tax less Credits **Other Payments / Refund Credits** - in 2021 Child Credits showed up here. These could take your liability _below_ $0 **Payments** - the total of _Federal Income Tax_ from W2s **Total Payments** - Payments + Refund Credits **Refund** - Total Payments - Total Tax **** # More ## Source ## Related - [[Tax Index]] - [[Tax-Deferred|pre-tax]]