Adjusted Gross Income

(redirected from Adjustments to 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 ?
Simple situations include singles and married couples with only one job, who have no dependents, and who have not claimed itemized deductions, adjustments to income or tax credits.
Due to the new law being enacted on December 22, 2017, this revaluation of the DTA was accounted for in the fourth quarter of 2017 through adjustments to Income Tax Expense on the Consolidated Statements of Operations.
If you are making less than $100,000, claiming certain tax credits, claiming adjustments to income for IRA contributions and student loan interest or have capital gain distributions, you may consider filling out the (https://www.
Besides, it said that net adjustments to income taxes of USD250,000 that included the part write-off of unused deferred tax assets, negatively impacted third quarter 2014 results.
When you are doing so, it can pay to take a close look at the adjustments to income you can take on the bottom of page 1 of your Form 1040 or Form 1040A.
If this coalition government want to make the benefits system less complex all they have to do is scrap Working Families Tax Credit and make the necessary adjustments to Income Support.
But immediate inflation annuities are gaining in popularity, because they offer guaranteed income, inflation adjustments to income payments, and freedom for clients to manage their own income.
The Service determined the termination was inadvertent, but required the beneficiary to make any necessary adjustments to income and basis to reflect his share of the S corporation's income.
Fiscal 1998 results include a number of one-time adjustments to income, which if excluded would reduce net income for fiscal 1998 to $13.
Section 247 has three main elements: a statutory expression of the arm's length principle as the basis on which adjustments to income and the cost of property may be made'(6) a specific transfer pricing penalty;(7) and documentation requirements that, if not satisfied at a threshold level, will engender the imposition of the penalty(8) in respect of adjustments to income and the tax cost of property.
Also, it cannot directly enter IRA adjustments to income and Keogh plan amounts into form 1040.
632(a)(1) (old law prior to 1988), which limited adjustments to income to those amounts derived from or connected with New York sources.