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The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and ...
Your W-2 does not list your adjusted gross income, but it contains the information you need to calculate your AGI. Box 1 lists your total income earned from your employer .
Tax Deductions and credits: MAGI is used to determine eligibility for tax deductions and credits like the student loan interest deduction and the tuition and fees deduction. Additionally, it’s ...
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes.
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
Some of the most common terms that pop up mainly in regard to taxes include gross income, adjusted gross income (AGI) and modified adjusted gross income (MAGI). The Economy and Your Money: All You ...
Below-the-line deductions are subtracted from a taxpayer's adjusted gross income. Above-the-line deductions may also be subject to income-sensitive phaseouts or limitations, e.g., MAGI limits on the tuition and fees deduction. Certain below the line deductions are also phased out for high income taxpayers pursuant to Internal Revenue Code ...
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