Which, If Any, of the Following Is a Deduction for AGI

question 133

Multiple Choice

Which, if any, of the following is a deduction for AGI?

• A)State and local sales taxes
• B)Interest on home mortgage
• C)Charitable contributions
• D)Unreimbursed moving expenses of an employee
• E)None of these

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Definitions:

Pension Plan

A retirement plan that requires an employer to contribute to a pool of funds set aside for a worker's future benefit.

Cost-of-Living Adjustment

An increase in income or benefits to match the rise in the cost of living, helping individuals maintain their purchasing power.

Salary

A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.

Tax-Deferred Account

A savings account or investment option where taxes on the principal and/or earnings are delayed until the investor withdraws the funds.