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Financial Planning / Tax Strategies
|Subject: Re: AGI?||Date: 10/3/1997 12:42 PM|
|Author: TMFTaxes||Number: 450 of 125443|
<<What is Adjusted Gross Income? Is it the income after Schedule A deductions have been taken out or before? >>
The best way to understand AGI is to grab a 1996 tax booklet with the instructions so that you can actually see what goes into AGI.
But, in short, AGI represents all of your TOTAL income (wages, interest, dividends, capital gains or losses, net Sch C business income, taxable social security benefits, net rental income, pension and IRA income, etc.) LESS ADJUSTMENTS FROM INCOME (such as deductible IRA contributions, SEP contribution, Keogh contributions, SE health insurance, alimony paid, etc.).
But AGI does NOT included Schedule A itemized deductions. AGI is the amount BEFORE itemized deductions and personal exemptions are considered.
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