REG — Quick Sheet
Individual Taxation: Adjustments & Deductions
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- Formula: Gross income − adjustments = AGI − standard/itemized − QBI = taxable income
- Adjustments beat itemized deductions because they lower AGI (which drives other phase-outs)
- Medical: only above 7.5% of AGI
- SALT cap $40,000 under OBBBA (reverts to $10,000 in 2030)
- Charitable cash to public charity: up to 60% AGI; capital gain property: 30% AGI; 5-year carryforward
- Casualty losses: federally declared disasters only
- §199A permanent at 20%, minimum $400 deduction if ≥$1,000 QBI from active business; SSTB phase-outs above thresholds