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 ?
The present study focuses on analyzing the impact on recipients of government farm program payments that results from imposing a $250,000 cap on combined farm and non-farm AGI. This proposed cap failed as an amendment to the Fiscal Year 2012 House Agriculture Appropriations Bill submitted by Rep.
In general, the lack of coordination with supporting aviation teams points to the fact that most ground leaders are unfamiliar with AGI, and therefore do not train AGI at their home station.
The total AGI gap for 2005--the most recent year for which AGI data are available--was $1,285.9 billion (table 1).
According to AGI, the state data it examined indicated not just that the raw numbers of abortions had gone down, but the abortion rates and ratios as well in the period since AGI last conducted its national survey in 2000.
AGI can be found on the World Wide Web at http://www.agi.com/.
Sun said AGI's stock then was sold to Delany Capital Management Corp.
AGI is commercializing products that repair DNA and restore health damaged by age or the environment, tracking the demands of our changing demographics.
AGI president and CEO Patrick Cowell added: 'AGI sees London Luton as an outstanding facility that holds much promise in both the short and long term.
* Married taxpayers' social security income becomes taxable above a base amount of $32,000 of AGI plus tax-exempt interest, plus one half of social security benefits, the "provisional income." The base amount of married taxpayers filing separate returns is $0 unless they live apart for the entire tax year.
Taxpayers lose 2 percent of the personal exemptions deduction for each $2,500, or fraction of $2,500, by which their AGI exceeds the threshold amounts ($150,000 for joint returns and $100,000 for single filers).
Marking the changing of the guards at AGI, the succession will take effect on June 4.