Under the master individual tax formula, which sequence correctly produces taxable income?
Gross income − adjustments = AGI; AGI − greater of standard or itemized deductions − QBI deduction = taxable income
Gross income − itemized deductions − QBI deduction = AGI; AGI − adjustments = taxable income
Gross income − QBI deduction − adjustments = AGI; AGI − standard deduction = taxable income
Gross income − adjustments − QBI deduction = AGI; AGI − greater of standard or itemized deductions = taxable income