Below-the-Line Deduction

Below-the-Line Deduction

A tax deduction one takes on one's adjusted gross income instead of one's gross income.
References in periodicals archive ?
You'll see the difference in many AGI-based computations where the below-the-line deduction for charitable giving doesn't have any effect.
Under that section, for individual taxpayers, certain below-the-line deductions are acceptable only to the extent that the deductions, in the aggregate, exceed two percent of a taxpayer's adjusted gross income (AGI).