 Income tax 2022-2023, IRA deduction. Let's do some wealth preservation with some tax preparation. Most of this information comes from the Form 1040 Instructions Taxure 2022, Instructions for Schedule 1, Additional Income and Adjustments to Income, Adjustments to Income section, which you can find online at the IRS, website irs.gov, irs.gov. When looking at the income tax formula, we're focused online to adjustments to income. Remembering that the first half of our income tax formula is in essence an income statement, but a weird one in which we've got income minus the equivalent of the expenses being the deductions gets us to the equivalent of net income being taxable income, but everything is flipped on its head with regards to the objectives because we want taxable income to be as low as possible as opposed to normal.