In the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at ''adjusted gross income'' for the taxable year. These deductions are set forth in Internal Revenue Code Section 62. A taxpayer's gross income minus his or her above-the-line deductions is equal to the adjusted gross income. Because these deductions are taken before adjusted gross income is calculated, they are designated ''above-the-line.'' Thus, those deductions allowed in computing ''taxable income'' under section 63 of the IRC are ''below the line deductions'' (thus, adjusted gross income represents ''the line''). Above-the-line deductions may be more valuable to high income taxpayers than below-the-line deductions.
Based on the above text, what's the best answer to this question: an above the line deduction refers to a deduction for agi?
yes