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 ?
In contrast, filers in the next lowest tax bracket, earning adjusted gross income of $25,000-$49,999, with average investment assets of roughly $67,000, are already donating on average $675 to charity per year, which the Group's calculations suggest is sufficiently generous.
This would be phased out for taxpayers with adjusted gross incomes between $50,000 and $70,000.
single parents with an adjusted gross income in excess of $75,000, and married couples filing jointly with an adjusted gross income exceeding $110,000 cannot take full advantage of this credit
Taxpayers will benefit even further because the capital gains deduction is part of the adjusted gross income (AGI) calculation.
However, the deductions available for such activities are limited, and attributable expenses can be deducted only as miscellaneous itemized deductions to the extent they exceed 2% of the taxpayer's adjusted gross income.
By comparison, those reporting dividend income comprised 40 percent of the filers with adjusted gross incomes of $50,000 to $74,999, 54 percent of the filers in the $75,000 to $99,999 category and 66 percent of those in the $100,000 to $199,999 bracket.
For example, most single people under 65 years old with no dependents would not need to file a state return until they have adjusted gross income of $11,698 or more.
Single taxpayers can take a $60 credit if they have adjusted gross incomes of $25,000 or less.
One CBO revenue-raising option would be to eliminate the income tax thresholds on these benefits entirely and require all beneficiaries to include 85% of their benefits in their adjusted gross incomes.
Available to patients with household adjusted gross incomes of up to $75,000 per year, The SAFETY NET Foundation is one of the most generous oncology product donation programs in the industry.
The credit starts to phase out for taxpayers with adjusted gross incomes of $75,000 and up.
The credit will phase out for individuals with modified adjusted gross incomes between $125,000 and $145,000; and for those filing jointly with modified adjusted gross incomes between $225,000 and $245,000.

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