Adjusted Gross Income (AGI)

By Nora M. de Triquet | August 5, 2012
Tax Filing adjusted gross income

For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions.[1] Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Source: Wikipedia These deductions reduce AGI.  Amounts deductible against gross income in…

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Schedule A – Itemized Deductions

By Nora M. de Triquet | July 29, 2012

If the total of a taxpayers itemized deductions is greater than standard deduction for the applicable filing status, Schedule A should be used. Here is a summary of deductions which are itemized on Schedule A Medical and Dental Expenses Taxes Paid Interest Paid Investment Interest Expense Interest – Mortgages Points – Mortgages Other Mortgage Interest…

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