Introduction: Understanding the Role of W-2 and AGI When it comes to filing your taxes, understanding key terms and concepts is crucial. One such term is Adjusted Gross Income (AGI). AGI serves as an essential component in calculating your taxable income and determining your eligibility for various deductions and credits. While your W-2 form provides […]
Where can I find AGI on W-2 Forms? Read More »
AGI (Adjusted Gross Income) and Taxable Income are both important concepts in the world of taxation. AGI is the total income you receive in a year, minus certain deductions like IRA contributions or student loan interest. AGI= Total Income – Deductions irs.gov Taxable income, on the other hand, is the portion of your AGI that
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MAGI (Modified Adjusted Gross Income) is a modified version of AGI that is used to determine eligibility for certain tax benefits and credits, such as IRA contributions, student loan interest deduction, and eligibility for certain Affordable Care Act subsidies. MAGI = AGI + Certain Deductions and Exclusions AGI (Adjusted Gross Income) is a measure of
