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Federal Adjusted Gross Income

You may be wondering what your federal adjusted gross income (AGI) is or what purpose it serves on your income tax return. And although the 1040 and other tax forms require you to calculate it, your modified adjusted gross income, or MAGI, can affect your eligibility to claim deductions and credits.

Calculate Adjusted Gross Income

Your federal adjusted gross income is calculated on the first page of your federal tax return before claiming the standard or itemized deductions or the exemptions for yourself and dependents. The adjusted gross income calculation is equal to all of your income that is subject to the federal income tax, less specific types of deductions the IRS refers to as “adjustments to income.”

Modified Adjusted Gross Income

The IRS frequently uses your adjusted gross income as a threshold amount for some of the itemized deductions you report on Schedule A. So if you deduct medical expenses on your Schedule A, for example, you have to reduce the total by 7.5 percent of your AGI. Adjusted gross income also applies to the same adjustments to income that you reduce your income by to calculate AGI– the IRS will refer to it as your modified adjusted gross income. For example, the student loan interest deduction has an MAGI limitation, which is equal to your adjusted gross income before taking the student loan interest deduction. And even some of the tax credits are only available to taxpayers who report AGI below certain levels.

Deductions for AGI

Your adjustments to income deductions include the contributions you make to health savings accounts, moving expenses, one half of the self-employment taxes you pay, insurance premium payments for the self-employed, penalties on the early withdrawal of savings, your alimony payments, student loan interest, educator expenses, contributions to a traditional IRA and the tuition and fees you pay during the year. After deducting all these expenses, you will arrive at your AGI. However, keep in mind that the types of adjustments you can deduct will depend on the tax form you use to file your return. When using the 1040 form, all adjustments to income are available. But if you use the 1040A, you can only deduct educator expenses, IRA contributions, student loan interest and tuition and fees. Unfortunately, no adjustments are available when filing on the 1040EZ.

IRS Reference:
Definition of Adjusted Gross Income