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 ?
This dichotomous variable was also significantly correlated with AGI (correlation coefficient -0.
According to Delany's Web site, AGI has annual sales of $20 million and employees 180 workers.
Second, AGI notes, there may be counties in which abortionists are present but whose "services" aren't publicized.
You and your spouse can each take a full $2,000 deduction if your combined AGI is no more than $40,000, or if neither of you participates actively in a employer-sponsored retirement plan.
Once AGI exceeds the threshold amount by $122,501, or $272,501 if you are filing jointly, you lose your entire personal exemptions deduction.
Ukropina leads an experienced executive team that includes: Mark Caines, formerly CEO of AGI North America, as CEO of AGI-Shorewood North America; Tony Garnish, formerly CEO of AGI Europe, as CEO of AGI-Shorewood Europe; Lucy Tzou, formerly general manager of Shorewood Packaging and IP Foodservice Asia, as CEO of AGI-Shorewood Global Gravure and Asia; and Don Eldert, formerly CFO of Atlas Material Holding Corp.
Any itemized deductions in excess of net nonbusiness income included in AGI will be an addback.
In the absence of validation, the significance of the AGI is not known, and variation cannot be assumed to be related to hormonal exposure.
This is about 47,000 fewer than it recorded in its last survey in 1996 and nearly 300,000 fewer than the 1990 AGI estimate of just over 1.
Assume the mother is 25 years old with a modified AGI of $9,000.
It also discusses the sources of the "AGI gap" -- the difference remaining between the BEA-drived AGI and the IRS AGI -- the trends in the AGI gap for 1947-95, and the sources of the revision to the AGI gap.