Adjusted Gross Income
/ˈædʒʌstɪd ˈɡroʊs ˈɪnkʌm/
Definitions
- (n.) The total gross income of an individual after applying permitted tax deductions, used as a basis for calculating taxable income.
The taxpayer reported their adjusted gross income on the federal tax return to determine eligibility for certain deductions.
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Commentary
AGI is a critical figure in U.S. tax law, representing income after specific adjustments but before standard or itemized deductions; clarify context by noting applicable tax year rules.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.