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Adjusted Gross Income |
Also found in: Financial, Acronyms, Wikipedia | 0.06 sec. |
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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. |
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? References in periodicals archive |
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Previously, all landowners could only deduct the value of their easement
up to 30% of their adjusted gross income and could only carry forward
the unused easement deduction up to five more years, still with the
annual limit of 30% of the landowner’s adjusted gross income. It can deduct IRC section 62 expenses from its gross
income to arrive at adjusted gross income and is then permitted the
section 63 itemized deductions from adjusted gross income. For outright gifts of cash made between August 28, 2005, and
December 31,2005, to charities, individuals may take a federal income
tax deduction of up to 100 percent of their adjusted gross income (AGI). |
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Adjusted Gross Income