42:
294:
486:, Schedule B for interest and dividends. Income of business and rental activities, including those through partnerships or S corporations, is reported net of the expenses of the business. These are reported on Schedule C for business income, Schedule E for rental income, and Schedule F for farm income.
494:
Certain tax calculations are based on modified versions of AGI. The definition of "modified AGI" varies according to the purpose for which the related calculation is being used. These modified versions of AGI may add certain items to AGI that were excluded in computing both gross income and adjusted
362:
Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and
396:
Gross income includes "all income from whatever source", and is not limited to cash received. It specifically includes wages, salary, bonuses, interest, dividends, rents, royalties, income from operating a business, alimony, pensions and annuities, share of income from partnerships and
401:, and income tax refunds. Gross income includes net gains for disposal of assets, including capital gains and capital losses. Losses on personal assets are not deducted in computing gross income or adjusted gross income. Gifts and inheritances are excluded.
370:
medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base
717:
761:
745:
123:
63:
417:
322:
280:
203:
198:
153:
98:
68:
224:
178:
183:
148:
88:
336:
93:
78:
73:
448:
188:
166:
83:
51:
33:
240:
118:
255:
128:
315:
379:
103:
138:
58:
423:
41:
25:
559:
522:
413:
Expenses of carrying on a trade or business including most rental activities (other than as an employee)
108:
308:
298:
235:
433:
265:
230:
766:
356:
409:
Gross income is reduced by certain items to arrive at adjusted gross income. These include:
372:
173:
275:
260:
352:
133:
454:
Penalties imposed by financial institutions and others on early withdrawal of savings,
755:
500:
496:
398:
143:
113:
482:
series) type of income. Supporting schedules and forms are required in some cases,
460:
College tuition, fees, and student loan interest (with limitations and exceptions),
391:
348:
575:
563:
526:
499:
interest, the excluded portion of Social
Security benefits and tax-free foreign
687:
658:
629:
600:
444:
216:
359:. For most individual tax purposes, AGI is more relevant than gross income.
479:
739:
250:
478:
Gross income is reported on U.S. federal individual income tax returns (
440:
270:
245:
193:
457:
Alimony paid (which the recipient must include in gross income),
539:"AGI Calculator | Adjusted Gross Income Calculator For 2023"
538:
439:
Allowable contributions to certain retirement arrangements (
355:, which is AGI minus allowances for personal exemptions and
351:
minus specific deductions. It is used to calculate
416:Certain business expenses of teachers, reservists,
378:Adjusted gross income is calculated by subtracting
463:Jury duty pay remitted to the juror's employer,
576:"26 U.S. Code § 102 - Gifts and inheritances"
469:Certain other items of limited applicability.
466:Domestic production activities deduction, and
316:
8:
323:
309:
20:
518:
516:
512:
495:gross income. Common additions include
32:
420:, and fee-basis government officials,
7:
16:United States income tax calculation
762:Personal taxes in the United States
14:
718:"New Premium Tax Credit for 2014"
601:"Interest and Ordinary Dividends"
580:LII / Legal Information Institute
225:Automated payment transaction tax
748:series of forms and instructions
375:on AGI with certain deductions.
292:
89:Generation-skipping transfer tax
40:
337:United States income tax system
659:"Supplemental Income and Loss"
630:"Profit or Loss From Business"
449:Individual Retirement Accounts
104:Internal Revenue Service (IRS)
1:
688:"Profit or Loss From Farming"
189:State and local tax deduction
34:Taxation in the United States
241:Efficient Taxation of Income
447:, and qualified plans) and
347:) is an individual's total
109:Internal Revenue Code (IRC)
783:
389:
363:21 other specific items.
380:above-the-line deduction
299:United States portal
167:State and local taxation
129:Constitutional authority
24:This article is part of
742:Your Federal Income Tax
429:Certain moving expenses
59:Alternative minimum tax
474:Reporting on Form 1040
424:Health savings account
256:Hall–Rabushka flat tax
341:adjusted gross income
281:Border-adjustment tax
366:Several deductions (
236:Competitive Tax Plan
434:self-employment tax
382:from gross income.
357:itemized deductions
266:Taxpayer Choice Act
418:performing artists
217:Federal tax reform
333:
332:
134:Taxpayer standing
64:Capital gains tax
774:
722:
721:
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373:state income tax
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204:State tax levels
174:State income tax
119:Revenue by state
52:Federal taxation
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729:Further reading
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276:Value added tax
261:Kemp Commission
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208:
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54:
17:
12:
11:
5:
780:
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740:Publication 17
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716:LISAK, BARRY.
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560:26 U.S.C.
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541:. June 1, 2023
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523:26 U.S.C.
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390:Main article:
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353:taxable income
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2:
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734:IRS Materials
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501:earned income
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114:IRS tax forms
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69:Corporate tax
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699:. Retrieved
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670:. Retrieved
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641:. Retrieved
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612:. Retrieved
607:
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583:. Retrieved
579:
570:
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543:. Retrieved
533:
493:
490:Modified AGI
483:
477:
432:One-half of
408:
395:
392:Gross income
386:Gross income
377:
367:
365:
361:
349:gross income
344:
340:
334:
179:Property tax
18:
426:deductions,
405:Adjustments
99:Payroll tax
756:Categories
507:References
497:tax exempt
445:SIMPLE IRA
154:Resistance
94:Income tax
79:Excise tax
74:Estate tax
767:Tax terms
746:Form 1040
564:§ 61
527:§ 62
480:Form 1040
184:Sales tax
701:April 9,
672:April 9,
643:April 9,
614:April 9,
585:April 9,
545:June 20,
251:Flat tax
84:Gift tax
26:a series
695:irs.gov
666:irs.gov
637:irs.gov
608:irs.gov
451:(IRAs),
441:SEP IRA
335:In the
271:USA Tax
246:FairTax
194:Use tax
149:Evasion
144:Protest
124:History
697:. 2022
668:. 2022
639:. 2022
610:. 2022
562:
525:
691:(PDF)
662:(PDF)
633:(PDF)
604:(PDF)
231:9–9–9
139:Court
703:2023
674:2023
645:2023
616:2023
587:2023
547:2023
484:e.g.
368:e.g.
345:AGI
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