Calculate Your Income Tax May 2026

: Rental income, gambling winnings, and distributions from retirement accounts. 📉 Step 2: Determine Your Adjusted Gross Income (AGI)

Gross Income - Above-the-Line Deductions = Adjusted Gross Income (AGI) ⚖️ Step 3: Choose Your Standard or Itemized Deduction calculate your income tax

: If you are 65+, you can claim an additional "bonus" deduction of up to $6,000 (single) or $12,000 (joint) depending on your income. Common Itemized Deductions : Rental income, gambling winnings, and distributions from