What is AGI and Modified AGI?

Modified on Wed, 24 Jan at 4:00 AM

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:

 

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

 

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