What was your adjusted gross income

On your federal tax return, your AGI is on line 11 of your Form Your AGI is often the starting point for calculating your tax bill. AGI is the basis on which you might qualify for many deductions and credits. For example, you may be able to deduct unreimbursed medical expenses , but only when they're more than 7. So the lower your AGI, the greater the deduction. Your state tax return might also use your federal AGI as a starting point.

If you file taxes online , your software will calculate your AGI. According to the IRS, for most taxpayers, modified adjusted gross income, or MAGI, is simply adjusted gross income before subtracting deductible student loan interest. It can also be a baseline for determining the phaseout level of some credits and tax-saving strategies, and sometimes the formula for MAGI can depend on the type of tax benefit it applies to.

What is adjusted gross income AGI? How is adjusted gross income AGI calculated? Social Security. Real estate. And then subtract:. Educator expenses. Here's what you need to know about getting a car deduction. The Tesla Model X can be used for a large tax deduction. Learn about how to claim that and why the SUV may be right for your business. The electric car tax credit can save you a lot of money but be sure you know the rules and requirements.

Also, learn about the Tesla tax credit. Log in. Get started. Self Employed. Stephen Fishman. What is your adjusted gross income? Income is on lines of Form Add these together to arrive at your total income Subtract your adjustments from your total income also called "above-the-line deductions" You have your AGI. Download MileIQ to start tracking your drives Automatic, accurate mileage reports. Know what tax documents you'll need upfront Get started.

Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice.

Skip To Main Content. Remember to consider all sources of income that contribute to your AGI, including: Wages on a W-2 or form Self-employment income on a Schedule C Interest and dividends Alimony from an ex-spouse for agreements prior to Capital gains Rental income Other earnings subject to income tax AGI doesn't include exemptions or standard or itemized tax deductions , so set those aside to figure into your taxable income later.

Generally, the more deductions and credits you take, the lower your taxable income. All you need to know is yourself Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. Looking for more information? Get more with these free tax calculators and money-finding tools.

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