You can reduce your gross income by taking "above-the-line" deductions. These are available even if you don't itemize.
: Payments to a Traditional IRA or 401(k). calculate your income tax
: Interest from bank accounts, dividends from stocks, and capital gains from selling assets. You can reduce your gross income by taking
: Unreimbursed costs exceeding 7.5% of your AGI. Charitable Gifts : Donations to qualified non-profits. Step 4: Calculate Your Tax Liability 2026 Tax Brackets and Federal Income Tax Rates dividends from stocks