Adjusted Gross Income

Definition

AGI. The amount used in the calculation of an individual's income tax liability; one's income after certain adjustments are made, but before standardized and itemized deductions and personal exemptions are made.

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Adjusted Gross Income is also known as net income because it is your income before you make all of the allowable deductions.

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You should know your adjusted gross income when filing for your yearly tax return in so you can calculate how much of your income is taxable.

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