Read on as we outline more information about Adjusted Gross Income (AGI), how to calculate AGI, and how you, the taxpayer, might be able to reduce your AGI depending on your unique tax situation. What is AGI? “
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Published on April 17, 2025 | 3 min read You’re likely to see the phrase “adjusted gross income,” or AGI, when you’re doing your taxes, so let’s demystify this term. Put simply, your adjusted gross income is your gross income— think of it as the dollar amount your salary or...
What Does Adjusted Gross Income (AGI) Mean on My Tax Return? Adjusted gross income (AGI) is your taxable income for the year after accounting for all applicable tax deductions. It's an important number that's used by the IRS to determine how much you owe in taxes. AGI is calculated by...
Without the AGI, you might have to pay taxes on your gross income, that is, every cent you earn! We all know how scary that thought is. AGI is calculated when individual U.S. taxpayers and households use the IRS form 1040 to calculate and file their yearly taxes. Speaking of gross in...
Adjusted gross income is the number used to qualify you for several tax benefits. For example, the maximum charitable deduction you can take in a given year is based on a percentage of your AGI. The ability to contribute to a Roth IRA is bas...
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What Is the Benefit of a Qualified Charitable Distribution? A qualified charitable distribution can lower your AGI and satisfy the required minimum distribution rules set by the IRS. It can also help offset other taxes, such as those on Social Security benefits. The Bottom Line...
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