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Adjusted Gross Income
(redirected from Modified Adjusted Gross Income)

    Also found in: Financial, Acronyms, Wikipedia 0.04 sec.

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
The contributor is subject to a modified adjusted gross income limit, with a phaseout between $95,000 and $110,000 for individual fliers, and between $190,000 and $220,000 for joint filers.
Planning for education costs by Grant, Randi K. / The Tax Adviser
Modified adjusted gross income is adjusted gross income (before Social Security or Railroad Retirement benefits are considered), plus tax-exempt interest income, with further modification of adjusted gross income in some cases involving certain tax provisions of limited applicability among the beneficiary population.
2.A OASDI: effect of current earnings and taxation of benefits by Social Security Bulletin
With a Roth IRA, the modified adjusted gross income for joint filers is $150,000 as opposed to the $53,000 limit on traditional IRAs.
From debt do you part: Aleas Hammett and her husband, David, are ... by Brown, Carolyn M. / Black Enterprise
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