Adjusted Gross Income

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Adjusted Gross Income

The term used for Income Tax purposes to describe gross income less certain allowable deductions such as trade and business deductions, moving expenses, Alimony paid, and penalties for premature withdrawals from term savings accounts, in order to determine a person's taxable income.

The rules for computing adjusted gross income for federal income tax may differ from the rules in a state that imposes a state income tax.

References in periodicals archive ?
Additionally, Congress increased the adjusted gross income EIC cutoff for joint filers by $1,000 as a gesture to couples affected by the marriage penalty,
The federal tax returns released by the White House show he reported $822,126 (EUR681,114) in adjusted gross income.
5 percent of your adjusted gross income from your medical expenses to figure your allowable medical expense deduction.
7 percent of all adjusted gross income that taxpayers reported.
Fully deductible for individuals with adjusted gross income of less than $25,000 (or $40,000 married filing jointly (MFJ)).
The DASTM gain is to be allocated in computing adjusted gross income before the allocation of the related-person interest expense.
For example, most single people under 65 years old with no dependents would not need to file a state return until they have adjusted gross income of $11,698 or more.
Size of adjusted gross income Nonrefundable education credit
Currently, people with more than $500,000 in adjusted gross income from off-farm sources are barred from crop subsidies.
The issue on this appeal to the Second Circuit is whether investment advice fees inurred by a trust (T) are fully deductible in calculating adjusted gross income (AGI) under Sec.
THE Bureau of Economic Analysis (BEA) annually publishes a comparison of BEA's measure of personal income and the Internal Revenue Service (IRS) measure of adjusted gross income (AGI); both are widely used measures of household income.
Only $25,000 of money spent on a property is deductible for homeowners with an adjusted gross income under $100,000, but the balance of those expenses can be earned into the next year.

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