Senior Freeze Exemption - Cook County Assessor - 2016 Page 3
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4S
F
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ENIOR
REEZE
XEMPTION
NSTRUCTIONS
Line H — Net rental, farm and business income or
Please note: the following instructions refer to the income
loss)
portion of the Senior Freeze Exemption application.
Write the total amount of any net income or loss from
rental, farm, business sources, etc.
he ntire
household received, as allowed on U.S. 1040, Lines
12, 17, and 18. You cannot use any net operating loss
(NOL) carryover in figuring income.
Line I — Net capital gain or loss)
Write the total amount of any taxable capital gain or
loss the entire household received in 201 , as allowed
on U.S. 1040, Lines 13 and 14 or U.S. 1040A, Line
10. You cannot use any net capital loss carryover in
figuring income.
Line J — Other income or loss)
Write the total amount of any other income or loss not
included in Lines A through I that is included in federal
adjusted gross income
uch s limony received,
unemployment compensation
taxes withheld
from oil or gas well royalties. You cannot use
any net operating loss (NOL) carryover in figuring
income.
Line K — Add Lines A through J
Line L — Subtractions
You may only subtract the following adjustments to
income totaled on U.S. 1040, Line 36 or U.S. 1040A,
Line 20.
ducator expenses
IRA deductions
tudent loan interest deduction
Archer MSA deduction
oving expenses
ne half of self-employment tax
elf-employed health insurance deduction
enalty on early withdrawal of savings
limony paid
Line M — Total household income
Subtract Line L from Line K. If this amount is
$55,000, you do not qualify for this exemption
owever, you
qualify for the Senior
Exemption.
Line F — Wages, salaries and tips from work
Write the total amount of wages, salaries and tips
from work for every household member.
Line G — Interest and dividends received
Write the total amount of all interest and dividends the
entire household received from all sources, including
any government sources. You must include both
taxable and nontaxable amounts.
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