NII may include interest income, dividend income, and capital gains. Whether this income, minus the expenses, is taxable is determined by the taxpayer's modified adjusted gross income (MAGI). Key Takeaways Net investment income is income received from assets (before taxes) including bonds, stocks...
Your AGI (adjusted gross income) is all of the income you bring in, minus certain adjustments, including IRA and self-employed retirement plan contributions, alimony payments (for divorce agreements prior to 2019), and one-half of any self-employment taxes paid. Your MAGI (mo...
Another key difference lies in eligibility and the impact on the debtor's financial future. Chapter 7 is available to individuals and businesses with income below a certain threshold as determined by the means test. Chapter 13 is available to individuals with regular income and involves repaying ...
Adjusted gross income, commonly abbreviated as AGI, is one of the most important concepts for U.S. taxpayers to understand. In this article, we'll take a closer look at adjusted gross income, how yours is determined, and why it matters so much to you. Understanding adjusted gross income ...
Backdoor Roth IRAs: Conversion, Limits and Taxes in 2025 What Is a Custodial Roth IRA? What to Know About the Roth IRA Five-Year Rule 403(b) vs. Roth IRA: What's the Difference? Roth IRA vs. 529 Plan for Education Savings Inherited a Roth IRA? Here's What to Do Now ...
Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, most student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony. Key...