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CONNECTICUT DEPARTMENT OF INCOME MAINTENANCEUNIFORM POLICY MANUAL ___ Date: 1188Transmittal: UP881 P5025.10 ___ Section:Type:Treatment of Income PROCEDURES ___ Chapter:Program: AFDCConversion to Monthly
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Converting income received less refers to the process of adjusting reported income to reflect deductions or credits, resulting in a lower taxable income.
Individuals or entities that receive income but have qualifying deductions that reduce their taxable income are required to file converting income received less.
To fill out converting income received less, report your total income, list any deductions and credits applicable, and calculate the adjusted income on the relevant tax form.
The purpose of converting income received less is to accurately reflect the taxpayer's financial situation and ensure they are taxed only on their net income.
You must report total income, all applicable deductions, credits, and any adjustments made to income on converting income received less.
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