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Assessing your Adjusted Gross Income

"AGI" is gross income from taxable sources minus allowable adjustments. AGI is used to determine taxable income by deducting personal exemptions and the standard deduction or itemized deductions. AGI is important to know as it is the basis for various calculations including determining the limitations on your itemized deductions such as medical expenses and miscellaneous deductions.

INCOME:
Wages, including salary, tips, bonuses $ ___________________  
Taxable interest     ___________________  
Tax-exempt interest     ___________________  
Qualified dividends    ___________________  
Taxable refunds, credits, or offsets of state and local income taxes    ___________________  
Alimony received    ___________________  
Business income or (loss)    ___________________  
Capital gain or (loss)    ___________________  
Other gains or (losses)    ___________________  
IRA distributions    ___________________  
Pensions and annuities    ___________________  
Rental real estate, royalties, partnerships, S corporations, trusts    ___________________  
Farm income or (loss)    ___________________  
Unemployment compensation    ___________________  
Social security benefits    ___________________  
Other income    ___________________  

Total Income

$ ___________________

ADJUSTMENTS: 
Educator expenses $ ___________________  
Certain business expenses of reservists, performing artists, and fee-basis government officials   ___________________  
Health savings account deduction   ___________________  
Moving expenses   ___________________  
One-half of self-employment tax   ___________________  
 Self-employed SEP, SIMPLE, and qualified plans   ___________________  
Self-employed health insurance deduction   ___________________  
Penalty on early withdrawal of savings   ___________________  
Alimony paid   ___________________  
IRA deduction   ___________________  
Student loan interest deduction   ___________________  
Tuition and fees deduction   ___________________  
Domestic production activities deduction   ___________________  
Other income   ___________________  

Total Adjustments

$ <___________________>

ADJUSTED GROSS INCOME (AGI)
(Total income minus total adjustments)		   $ ___________________


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