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 ?
Each city has one or more "wealth zones" -- ZIP codes with high adjusted gross incomes.
Also, the maximum yearly contribution is subject to a pro rata phase-out for taxpayers filing jointly with modified adjusted gross incomes between $167,000 and $177,000 (for single taxpayers with modified adjusted gross incomes between $105,000 and $120,000).
The credit will phase out for individuals with modified adjusted gross incomes between $125,000 and $145,000; and for those filing jointly with modified adjusted gross incomes between $225,000 and $245,000.
You qualify for this level with adjusted gross incomes of $60,041, according to IRS figures.
Elimination of income limits on Roth IRA conversions: For tax years beginning after 2009, taxpayers may make conversions of traditional IRAs to Roth IRAs without regard to their adjusted gross incomes.
Temporary Suspension of Charitable Contribution Limits A provision in the Katrina Emergency Tax Relief Act of 2005 allows donors to make cash gifts to charities by the end of this year to deduct an amount equal to virtually 100 percent of their adjusted gross incomes.
The top 5 percent of taxpayers with adjusted gross incomes of $128,336- plus, paid 56.
Noting that many taxpayers with adjusted gross incomes in the $60,000 to $70,000 range might be subject to the AMT in the future as a result of new credits allowed under the Taxpayer Relief Act of 1997, Mares offered these suggestions:
The Renter's Credit is available for single filers with adjusted gross incomes of $34,412 or less and joint filers with adjusted gross incomes of $68,824 or less.
Single taxpayers can take a $60 credit if they have adjusted gross incomes of $25,000 or less.
One CBO revenue-raising option would be to eliminate the income tax thresholds on these benefits entirely and require all beneficiaries to include 85% of their benefits in their adjusted gross incomes.
Available to patients with household adjusted gross incomes of up to $75,000 per year, The SAFETY NET Foundation is one of the most generous oncology product donation programs in the industry.

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