![]() You will need to find your AGI to calculate your tax liability. Now if you see AGI, then it is the income obtained after subtracting adjustments. Gross income is the total amount of income that you earn (salaries, rent, retirement distributions, or any other earnings) in a year before your taxes are deducted from it. Make sure you have records of all your income sources before calculating AGI. You’ll also need to factor in other taxable income like self-employment income reported on a 1099-NEC, interest, and dividends reported on a 1099-INT or 1099-DIV, capital gains and losses reported on a 1099-B, and income from sources like prizes, gambling winnings, or jury duty. When calculating your AGI, it’s important to remember that income from your W-2 is not the only source. To understand what Adjustable Gross Income (AGI) is, you first need to comprehend your gross income. ![]()
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