ANDERSON CASE (2 OF 2)
01.Core Concepts
2026 $78,500 Income Broadly Defined 1 (7,400) Less: Exclusions 2 $71,100 Gross Income ($2,000) Less: Deductions for Adjusted Gross Income (IRA) 3 $69,100 Adjusted Gross Income ($32,200) Less: Greater of Itemized Deductions or Standard Deduction (Standard Deduction for 2026) ($2,000) Less: Charitable Deduction for Non-itemizers (OBBBA) $34,900 Taxable Income $3,692 Tax on Taxable Income (from tax rate schedule) ($3,700) Less: Credit for Taxes Withheld 4 ($400) Less: Credit for Qualified Retirement Savings 5 0 Less: Credit for Other Dependents ($2,200) Less: Other Tax Credits (Child Credit indexed OBBBA) ($2,608) Tax Due (or Refund Due)