What is AGI?
The IRS defines Adjusted Gross Income (AGI) as gross income minus adjustments to income. This amount can be found on line 11 of your Form 1040.
Gross income can include, but is not limited to, the following:
Wages
Dividends
Capital gains
Business income
Retirement distributions
Other income
Adjustments to income can include, but are not limited to, the following:
Educator expenses
Student loan interest
Health Saving Account (HSA) deductions
Contributions to a retirement account
What is Modified AGI?
The Modified Adjusted Gross Income (Modified AGI) is determined by calculating your AGI and adding back certain deductions. Per the IRS, for most people the Modified AGI is identical to their AGI. Deductions can include, but are not limited to, the following:
Student loan interest
IRA contributions
Non-taxable Social Security benefits
Foreign income
You can use the worksheet here to determine your Modified AGI.
Note: If you need the AGI or Modified AGI from your last year's tax return, please refer to your last year's 1040 form.
Additional Resources:
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