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What is adjusted gross income?

What is adjusted gross income? Adjusted gross income (AGI) is an important figure used in U.S. federal tax calculations. It generally starts with gross income and is reduced by certain eligible adjustments. How do you determine AGI when preparing a tax return, and why is it important?

What is adjusted gross income?

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@Ashton Mercer replied to Jim
1 week ago

Adjusted Gross Income (AGI) is your total taxable income minus certain allowed deductions, such as eligible retirement contributions or student loan interest. It is used to calculate US federal income tax.
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@Matthew replied to Jim
1 week ago

AGI is just your gross income minus certain adjustments like student loan interest or retirement contributions, it's basically the number the IRS actually taxes you on.
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@James replied to Jim
1 week ago

Adjusted gross income (AGI) is gross income minus specific deductions that are permitted under U.S. tax regulations. These can include eligible retirement contributions, expenses of a student loan or certain self-employment expenses. The eligibility for various deductions, credits and tax benefits depend on AGI.
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@max replied to Jim
1 week ago

Adjusted Gross Income (AGI) is your total taxable income minus certain eligible adjustments, such as student loan interest, qualifying retirement contributions, or educator expenses. It is used to determine your taxable income and eligibility for certain tax deductions and credits.