Adjusted gross income

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Adjusted gross income (AGI)

Gross income less allowable adjustments, which is the income on which an individual is taxed by the federal government.

Adjusted Gross Income

In U.S. tax, an individual's taxable income after all specific deductions, but not standard or itemized deductions. Adjusted gross income is used to calculate one's tax liability, as well as eligibility for certain social programs. For example, contributions to health savings accounts are not taxable. Thus, one removes the amount contributed to such an account from his/her gross income before calculating his/her tax liability.

adjusted gross income

The amount of taxable income that remains after certain allowed business-related deductions—such as alimony payments, contributions to a Keogh retirement plan, and in some cases, contributions to an IRA—are subtracted from an individual's gross income. Adjusted gross income and gross income will be the same for many taxpayers.

Adjusted gross income (AGI).

Your AGI is your gross, or total, income from taxable sources minus certain deductions.

Income includes salary and other employment income, interest and dividends, and long- and short-term capital gains and losses. Deductions include unreimbursed business and medical expenses, contributions to a deductible individual retirement account (IRA), and alimony you pay.

You figure your AGI on page one of your federal tax return, and it serves as the basis for calculating the income tax you owe. Your modified AGI is used to establish your eligibility for certain tax or financial benefits, such as deducting your IRA contribution or qualifying for certain tax credits.

Adjusted Gross Income (AGI)

Adjusted gross income equals gross income reduced by adjustments to income. This is the amount of income before subtracting exemptions and the standard deduction or itemized deductions.
References in periodicals archive ?
The relative AGI gap for wages and salaries is the lowest among the types of incomes shown in table 5, primarily because income tax withholding, at the source is required for wages and salaries.
However, while compressing income into a short time span can be a valuable strategy, it is important to remember that Medicare uses a two-year look-back period to determine any income-based surcharges, so that a client's 2015 AGI will be used in determining the client's liability for income-based surcharges today--meaning that as a client approaches Medicare eligibility, he or she will want to ensure that AGI is at its lowest at least two years ahead of time.
In addition to the four technical sessions sketched above, two special sessions were organized, both of them with a strong relation to and a potentially high impact on the Asian world: Cognitive Robotics and AGI and AGI in Asia.
Both AGD and AGI are continuous, and approximately normally distributed, variables.
Assaf could not have devoted enough time to AGI to satisfy the material participation test since she had over $175,000 of income from her law practice in each of the years in question.
AGI promised to pay Sun the outstanding balance but requested more time since it was facing cash-flow problems at the end of 2001, Sun said.
AGI reports that 61% of "abortion providers" perform fewer than 400 a year.
Lowering your AGI is just one of the benefits of putting money in a qualified retirement account.
Taxpayers lose 2 percent of the personal exemptions deduction for each $2,500, or fraction of $2,500, by which their AGI exceeds the threshold amounts ($150,000 for joint returns and $100,000 for single filers).
As a result, AGI World and Shorewood Packaging, two leading packaging companies, have become AGI-Shorewood, one of the largest and most innovative global specialty packaging businesses with operations in North America, Europe, Asia, and Latin America.
AGI In-Store is a maker of point-of-purchase displays and fixtures to the consumer products and retail sectors.