Which common adjustment to income can be claimed in TurboTax?

Contributions to a traditional IRA are classified as an adjustment to income, allowing taxpayers to reduce their taxable income by the amount they contribute, subject to certain limits. This adjustment helps lower the overall tax burden for individuals saving for retirement. When you input this information in TurboTax, it handles the calculations and ensures the contribution is accurately factored into your taxable income.

The other options, while they are important tax-related elements, do not qualify as adjustments to income. Health savings account contributions can be deducted above the line, but they aren't classified in the same category. The student loan interest deduction is technically an adjustment but is specifically capped and has income limitations, which differs from the broad category of IRA contributions that can be fully deducted if the taxpayer qualifies. The standard deduction, on the other hand, is a legal subtraction from adjusted gross income but doesn't count as an adjustment to income in the same way. It's a fixed amount based on filing status rather than something that varies with specific financial actions.