AGI

Business, Legal & Accounting Glossary

Definition: AGI


AGI


Full Definition of AGI


Adjusted gross income (AGI) is a number used to determine your federal income tax. AGI is your gross income minus deductions. Gross income includes wages, dividends, business profits, income from rental property and interest. Deductions include IRA contributions, SEP contributions, SIMPLE contributions, Keogh contributions, health insurance contributions (for self employed persons), trade or business expenses, depreciation on rental property, losses from sales of property, alimony payments, medical savings account contributions, moving expenses and charitable cash contributions. Note that AGI does not include standard or itemized deductions or personal exemptions. This figure appears on IRS Forms 1040, 1040A, and 1040EZ. Adjusted gross income level affects your eligibility for various types of retirement accounts, including Roth IRAs and Education IRAs.


Cite Term


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Page URL
https://payrollheaven.com/define/agi/
Modern Language Association (MLA):
AGI. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 03, 2021 https://payrollheaven.com/define/agi/.
Chicago Manual of Style (CMS):
AGI. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/agi/ (accessed: December 03, 2021).
American Psychological Association (APA):
AGI. PayrollHeaven.com. Retrieved December 03, 2021
, from PayrollHeaven.com website: https://payrollheaven.com/define/agi/

Definition Sources


Definitions for AGI are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 13th November, 2021 | 0 Views.