Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [adjusted-gross-income]

16 questions
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Can AGI/MAGI ever be greater than gross income?

As I understand it, Adjusted Gross Income (AGI) is the gross income minus a number of deductions. Modified AGI (MAGI) is that number with some of the deductions added back in. Is the set of deductions added back in to the MAGI strictly a subset of…
arcyqwerty
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As a Sole Proprietor, will "employer" Solo 401k contributions count towards gross income?

With a Solo 401k, I can contribute up to 25% of my income as "employer contributions." Do these contributions count toward my adjusted gross income? Example I make $100,000 in 2015. I am 55 years old. I contribute $24,000 (standard + catch up) to a…
Luke Willis
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How do capital gains count towards gross income on your tax return?

In the US, when tallying gross income, do capital gains (short term or long term) count toward your gross income, before capital losses? OR do capital losses subtract from your capital gains before it counts as gross income? and would this order of…
CQM
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Adjusted Income vs Adjusted Gross Income

I am done with my federal tax W4 form but I am not 100% sure about one line 4 of the deductions and adjustments worksheet. Are Adjusted Income and Adjusted Gross Income the same? To me the Adjusted Gross Income seems to be the (sum of all income…
Vladimir Marin
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Can my student loan interest apply for an above-the-line deduction when I'm on my grace period?

I was reading this article on 2019 tax deductions: https://www.fool.com/taxes/2019/01/13/your-2019-guide-to-tax-deductions.aspx I recently graduated college in May and started work in July 1st. I will be filing as single with no dependents. Under…
Pvo
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Am I being underpaid?

I earn £18000 pro rata for ten weeks. This full month I have just worked is gross pay of £1384, National Insurance was £85, Tax Code 1066L therefore PAYE = £0 Shouldn't my gross pay be £1500 though, as I see no other contributions on the slip. (I…
cc6g11
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My query about my CTC, Gross salary and net pay

I am working as Software professional in reputed private concern. After one year of my successful completion, they offered me 3 lakhs per annum package. But I am getting only Rs 20606 as net pay per month. As per the Govt regulation it should be…
Karthick R
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Do I have to pay state taxes on income not earned while living or working in that state?

[All values are approximate] I moved to Pennsylvania, from Maine, last June 1st. I ceased all residency and employment in Maine on the 31st of May. In doing my taxes this year (using HR Block Online), I noticed that while I only earned $4500 in…
Joe
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Can my employer reverse last year’s payroll and put the money towards my 401K

In January 2023, my salary was below $150K, so I bought a Tesla thinking that I can get the $7500 federal EV credit. Fast forward 9 months and my landlord increased my rent by 25%, forcing me to buy a home. My realtor kept only a nominal fee, and…
DAN BHATT
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Adjusted Gross Income for TurboTax

In order to file my taxes using TurboTax, I need by AGI (adjusted gross income) for 2019. Since I used form 1040, the adjusted gross income in on line 8b. However, when I downloaded the form, it is blank. Should I just put $0 for AGI?
taxguywewe
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Mailed 2018 taxes-Not processed so no AGI or pin...how do I efile?

I mailed my 2018 Federal Taxes 4/11/20...they have not been processed yet. I was told by IRS to go ahead and file my 2019 taxes...I want to use efile, since mailing didn't work well. There isn't any record of my 2018 AGI and I don't have a pin…
Sue
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Questions regarding Adjusted Gross Incomes and their calculation

I was recently asked to provide my AGI by a governmental service outside my country and was wondering about its calculation, since Indian Tax Returns (ITRs) don't have a specific header for it. Should I take the 'Total Income' that I see on my ITR…
TheSpreadingChestnutTree
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Calculate total NET payment with overtime hours in a partial month

I am trying to learn how to calculate the NET payment for a partial month and the overtime (net and gross) based on some random payments and facts I found from the past. I got stuck with a specific one because one month is split into two different…
Datacrawler
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Taxable scholarship is part of AGI. How do I calculate how much tax I have to pay?

I am filing taxes for the part time, and I don't know how much tax I have to pay. IRS says that taxable scholarship should be listed on the wages line, and this is eventually added to AGI. However, scholarship is not something I get bi-weekly and…
Skipher
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Is there a way to reduce "gross total income" in ITR? (India)

I'm an Indian student trying to decide my college. There's a really good college I'd like to join (can't mention its name for privacy reasons) but its annual fees is absymally high (close to triple of the average fees of Indian colleges). The said…
Aditya Pratap Singh
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