Adjusted gross income Internal Revenue Service

What Is Adjusted Gross Income (AGI), and How Do You Calculate It?

1. Here’s a quick guide to what adjusted gross income means, how it’s calculated, and why knowing yours is important.
2. We believe everyone should be able to make financial decisions with confidence.
3. Itemized deductions are listed on Schedule A and are also reported on Form 1040.
4. Each of these deductions has its requirements you must meet to subtract it from your gross income.

Subtract Deductions and Expenses

Republican Study Committee’s Tax Plan Simplifies the Tax Code and Offers Pro-Growth Ideas