Adjusted Gross Incomes financial definition of Adjusted Gross Incomes. Adjusted Gross Incomes finance term by the Free Online Dictionary.

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.

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