Filers can deduct those expenses only to the extent that they exceed two percent of their adjusted gross income
There are lots of ways your practice or "company" can be used to lower your adjusted gross income
2) The 1976 Act specified four income concepts for classifying tax returns: adjusted gross income
(AGI), expanded income, AGI plus excluded tax preference items, and AGI less investment interest expense not in excess of investment income.
A deduction denied because it exceeds 30% of the individual's adjusted gross income
may be carried over and treated as a contribution of capital gain property in each of the next five years.
13,727 Kentucky's average adjusted gross income
per capita in 2001.
2) Her accountant tells her that only $5,520 of her $9,600 Social Security income is considered taxable--resulting in an adjusted gross income
(for tax purposes) of $35,920.
Compared to the thresholds for individual taxpayers that are based on adjusted gross income
, the threshold for trusts and estates is based on the highest tax bracket of those entities.
Size of adjusted gross income
Nonrefundable education credit
Under the first tier, if modified adjusted gross income
(adjusted gross income
plus tax-exempt income, or MAGI) plus one-half of Social Security income exceeds a base amount, an individual must include in gross income the lesser of: (1) 50 percent of the benefit; or (2) 50 percent of such excess over the base amount ($32,000 for married couples filing joint returns, zero for married couples filing separately who lived together during any portion of the year, and $25,000 for all other taxpayers).
Certain deductions are subtracted from gross income to arrive at adjusted gross income
(see Q 1423, Q 1424).
Currently, people with more than $500,000 in adjusted gross income
from off-farm sources are barred from crop subsidies.