3 ms·
>AGI is income after most deductions No, it is not. As the name implies, it is gross income, adjusted for certain (but nowhere near most) deductions. Itemiz
by PopAlongKid 3y ago
>AGI is income after most deductions
No, it is not. As the name implies, it is gross income, adjusted for certain (but nowhere near most) deductions.
Itemized (or standard) deduction is subtracted from AGI to arrive at taxable income. Also, a temporary provision for something called QBI might be deducted from AGI to arrive at taxable income.
- yieldcrv 3y agogiven how many things can lower AGI from actual gross, this is splitting hairs simply over the word “most”. you can have negative AGI, this kind of adjusted gross is nowhere near actual gross.