Adjusted Gross Income

(redirected from Adjustments to income)
Also found in: Financial.

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 ?
Available adjustments to income for 2018 and 2019 include contributions to qualified retirement accounts, up to $2,500 in student loan interest, and educator classroom expenses up to $250, to name a few of the most common.
Simple situations include singles and married couples with only one job, who have no dependents, and who do not claim itemized deductions, adjustments to income or tax credits.
Adjusted results for the second quarter of 2018 exclude transaction and other transition related costs, expenses related to certain closures and relocations and the income tax effect of adjustments to income due to certain deal and transaction costs that are not deductible, in the aggregate amount of $9.0 million after tax, or $0.29 per diluted share.
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.
(17) The debtor may show such special circumstances only if the debtor "itemize[s] each additional expense or adjustment of income" (18) and "attest[s] under oath to the accuracy of any information provided to demonstrate that additional expenses or adjustments to income are required." (19) Even if the debtor meets these requirements, the presumption may only be rebutted if those additional expenses or adjustments to income cause the debtor to pass the means test (meaning the debtor's income available to pay unsecured creditors is less than the statutory amounts).
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.
Taxpayers who change their accounting method must make certain adjustments to income in the year of the change to prevent duplicating or omitting items.
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.
However, with shifts in budget priorities, adjustments to income tax and other measures, the BIG Coalition insists that implementation is possible - that a BIG would increase economic empowerment and, in the long run, increase economic growth.
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.