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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 .
Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.
Form W-2, 2016. Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment ...
The W-2 form also shows the amount withheld by the employer for federal income tax. W-2 wages = gross salary less (contributions to employer retirement plan) less (contributions to employer health plan) less (contributions to some other employer plans) Total income is the sum of all taxable income, including the W-2 wages. Almost all income is ...
Need to find your adjusted gross income (AGI) from last year? Learn how to find last year's AGI using TurboTax Online by watching this helpful TurboTax Support video.
Here’s a real-world example: Say you have an AGI of $50,000. Multiply $50,000 by .075 to get $3,750. Multiply $50,000 by .075 to get $3,750. You’d need over $3,750 in medical expenses to claim ...
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