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.

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A fraction is determined as follows: (a) the numerator is the excess of the taxpayer's modified adjusted gross income for 2010 over $70,100 (single or head of household) or $105,100 (married filing jointly; (b) the denominator is $15,000 (single or head of household), or $30,000 (joint return).

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The credit is reduced by 2% of the taxpayer's modified adjusted gross income in excess of $75,000 ($150,000 for a joint return).

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Even though the Wilsons' modified adjusted gross income is $17,360, they do not qualify for the earned income credit because their total earned income is not less than $32,121.

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It's true that income limits may crimp Roth IRA contributions--single taxpayers can't contribute for 2017 with modified adjusted gross income of at least $133,000, or $196,000 on joint tax returns.

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The net investment income tax is a 3.8% tax on net investment income for taxpayers with modified adjusted gross income over a MAGI threshold.

Senate ACA Replacers May Tap Medicare Surtax and Net Investment Tax

The "non-income" categorization of the distributions also means there is no effect on how much clients receive in Social Security benefits, pay in capital gains or Medicare premiums, all of which are impacted by Adjusted Gross Income or Modified Adjusted Gross Income, and commonly impacted by other classes of retirement assets.Putting the advantages to work

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This tax applies to individuals with modified adjusted gross income in excess of $200,000 for single return filers and $250,000 for joint filers.

Save tax dollars: be a real estate professional

The rate is 3.8% of the lower of net investment income or the amount of modified adjusted gross income (MAGI) over specific thresholds.

3.8% of what? An overview of the net investment income tax

For an individual, the tax is 3.8 percent of the smaller of net investment income or the excess of modified adjusted gross income (adjusted gross income increased by certain foreign earned income) over $250,000 for a married couple or surviving spouse, $125,000 for a married individual filing a separate return, or $200,000 for anyone else.

The ACA's new Medicare taxes: who pays what?

Contribution limits are based on modified adjusted gross income (gross income after itemized deductions).

Eyes on the prize: April McLemore wants to retire by age 55. But will she have enough money saved in 16 years to live comfortably?

The phase out for the total Child Tax Credit (i.a, the credit amount times the number of qualifying children) is $50 for each $1,000 (or part thereof) of modified adjusted gross income above the thresholds.