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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.
MAGI is used to assess eligibility for specific tax credits, deductions, and subsidies, such as the Premium Tax Credit for health insurance, Roth IRA contributions, and education tax credits ...
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 ...
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...
For 2025, married couples filing jointly with modified adjusted gross income (MAGI) under $160,000 can claim the full credit, with a phase-out up to $180,000.”
In the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at "adjusted gross income" for the taxable year. These deductions are set forth in Internal Revenue Code Section 62.
Contributions made to traditional IRAs can be deducted from taxable income in certain situations, depending on tax filing status and modified adjusted gross income (MAGI). Single individuals and ...
Under current law, long-term capital gains and dividend income are taxed at a maximum rate of 15 percent through 2008. For taxpayers in the 10 and 15 percent tax brackets, the tax rate is 5 percent through 2007 and zero in 2008. The Conference Report extends the rates effective in 2008 through 2010.