Boomers and their elders control $93 trillion, or two-thirds of America’s household wealth. Forbes 400 members Phil Knight, Charles Koch, Barry Diller and Harold Hamm give a master class in how to make sure your money goes to charity and children. – Forbes – Taxes
AGI is your total income minus eligible deductions for tax purposes.
Calculate AGI by adding all income and subtracting tax deductions.
AGI can be zero or negative depending on your tax situation.
What is adjusted gross income (AGI)?
For tax purposes, your adjusted gross income, or AGI, is essentially your total or gross income minus eligible deductions. You can use our adjusted gross income (AGI) calculator below to estimate your AGI using the most common income and deductions for U.S. taxpayers.
How to calculate adjusted gross income (AGI)?
The AGI calculation is relatively straightforward. Using the income tax calculator, simply add all forms of income together, and subtract any tax deductions from that amount. Depending on your tax situation, your AGI can even be zero or negative.
AGI deductions
There are some restrictions on specific AGI deductions to note when using our gross income calculator:
Qualified educator expense deductions are capped at $300.
Student loan interest deduction is capped at $2,500. You are not eligible for the deduction if your total income is greater than $90,000 as an individual filer ($180,000 for married filing jointly).
How to use the AGI calculator
Step 1 – Select your filing status Step 2 – Enter all eligible income Step 3 – Input all eligible deductions Step 4 – Click calculate.
Note:Only include alimony payments you received and alimony paid if you entered your divorce or separation agreement before Jan. 1, 2019.
AGI Calculator
AGI cannot exceed total income reported and is often lower. It can be negative. Total income includes all of your annual earnings that are subject to income tax.
In her last days, Feinstein’s daughter and step-daughters battled in court over the Senator’s access to assets left by her very rich late husband, Richard C. Blum. – Forbes – Taxes
Starting in January, eligible electric vehicle buyers can receive a federal tax credit as an upfront discount at the dealership, making savings more immediate. – Forbes – Taxes
There are ways for taxpayers to properly claim donations of art. But how much is art worth? That uncertainty has allowed some tax scams IRS wants to stop. – Forbes – Taxes
Year’s end will be here before you know it, and this is the deadline for several valuable tax-planning strategies available to the self-employed. – Forbes – Taxes
With a boost from a growing number of cities and states, the souped up two-wheelers are increasingly displacing cars for short trips — and outselling EVs. – Forbes – Taxes
The Supreme Court will not hear a takings case involving a foreclosure for the nonpayment of taxes when the home is worth more than the tax delinquency. – Forbes – Taxes
Robert Kerr, formerly with the IRS and now with Kerr Consulting, discusses latest developments from the IRS, including the tax agency’s plans for a government shutdown and its handling of the employee retention credit. – Forbes – Taxes