Adjusted Gross Income


Also found in: Financial, Acronyms, Encyclopedia, Wikipedia.

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 ?
In order to receive the maximum deduction, an individual filer must have modified adjusted gross income of less than $80,000, or $160,000 for joint filers.
All of the expenses reduce your adjusted gross income.
A5] Some income deferrals and accelerated expense deductions may also be involved in income or losses from rental property, from royalties, from partnerships, and from S Corporations, only the net amounts of which are included in adjusted gross income.
If an individual makes a charitable contribution to a public charity of real property or intangible personal property, the sale of which would have resulted in long-term capital gain (see below), he is generally entitled to deduct the full fair market value of the property, but the deduction for the gift is limited to the lesser of 30% of adjusted gross income or the unused portion of the 50% limit (see Q 1320).
For example, if the adjusted gross income is $100,000 then 10 percent of that would be $10,000.
33,349 Connecticut's average per capita adjusted gross income in 2001.
Their income and tax bill was slightly lower than the previous year, when they reported $856,056 in adjusted gross income and paid $268,719 in federal income taxes.
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.
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.
the excess of adjusted gross income over the amount of the highest regular income tax bracket in effect for such taxable year.

Full browser ?