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Your adjusted gross income is simply your total gross income minus certain adjustments. You can find these adjustments on Schedule 1 of Form 1040, under “Part II — Adjustments to Income.”
Adjusted Gross Income (AGI) is your gross income minus all the adjustments to income you claim on your tax return. See how to calculate your AGI and MAGI.
Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items.
AGI, or Adjusted Gross Income, is your total income, including wages, interest, dividends and capital gains, minus specific deductions or adjustments. Your AGI is used to calculate the portion of ...
Gross income is reduced by adjustments and deductions. Among the more common adjustments are reductions for alimony paid and IRA and certain other retirement plan contributions. Adjusted gross income is used in calculations relating to various deductions, credits, phase outs, and penalties.
Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...
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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 ...