What is deducted from your gross income if you file head of household and make 72,000 and you're single with 2

Question

kids and the only other deduction is a 401-k plan that is pre-taxed at 500.00 a month. Do you take the standard deduction and still subtract the 6000.00 total of the retirement from your adjusted gross income. Also I get 1500.00 a month from life insurance policy which id added to the Gross income

Answer 1

The 401K will already be subtracted from what's in box 1 on your W-2, so you won't subtract it again, but yes it will be deducted from your gross income before your tax is calculated.

On your return you'll deduct the three exemptions for yourself and your 2 kids, and the head of household standard deduction.

Answer 2

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