Adjusted Gross Income (AGI) Calculator
AGI Calculator
Calculate your Adjusted Gross Income from gross income and above-the-line deductions
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Formula
AGI = Gross Income - Above-the-Line Deductions
Frequently Asked Questions
What is Adjusted Gross Income (AGI)?
AGI is your total gross income minus specific above-the-line deductions. It includes wages, self-employment income, interest, dividends, rental income, and capital gains, minus deductions like student loan interest, HSA contributions, and IRA deductions.
Why is AGI important?
AGI determines your eligibility for many tax benefits including IRA deductions, student loan interest deductions, and various tax credits. It's also the starting point for calculating your taxable income on Form 1040.
What are above-the-line deductions?
Above-the-line deductions are subtracted from gross income to arrive at AGI. They include educator expenses ($300 max), student loan interest ($2,500 max), HSA contributions, IRA contributions, and half of self-employment tax. You can claim these even without itemizing.
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