The Individual Tax Model. Taxable Income Computation. Calculate gross income totaling Line 22 on 1040 – based on filing status (S,MFJ, MFS,HH). Calculate Adjusted Gross Income (AGI) Subtract the greater of: itemized deductions or the standard deduction (based on filing status)
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Tax or deduct
at ordinary rates
net 1231 loss
net 1231 gain
Net capital gains and losses: Individual may deduct $3000 net loss. Net LT gain taxed at lower rates.