Fillable Form AGI Calculator

What is the Adjusted Gross Income (AGI) Calculator template?

The Adjusted Gross Income (AGI) Calculator template is used to calculate your annual gross income tax. The Internal Revenue Service (IRS) uses your adjusted gross income to determine your eligibility for certain tax credits and deductions that can use to lower your overall tax bill.

How to use the Adjusted Gross Income (AGI) Calculator template?

FILING STATUS

Enter your filing status. Your filing status is determined by your marital status. It determines the rate at which income is taxed. There are five filing statuses, such as:

• Single
• Head of household
• Married filing jointly
• Married filing separately
• Qualifying widow with dependent child

INCOME

Wages, Salary and Tips

Enter the amount of wages, salary, and tips you have earned from your job.

Business/Self-employment/Farm Income and Loss

Enter your business, self-employment, or farm income and loss.

Taxable Interest and Dividends

Enter the taxable interest and dividends. The taxable interest is where your income earns interest from your investment while the dividends are the portion of profits distributed by the company.

Alimony Received

Enter the amount of alimony you received, if applicable. It is the financial support ordered by the court before or after the separation of a married couple.

Rental Real Estate, Royalties, Partnerships, etc. received

Enter the amount of rental real estate, royalties, partnerships you received, or anything that generates income.

Unemployment Compensation

Enter the unemployment compensation you received. Unemployment compensation is a benefit paid to an unemployed individual who lost their job and is actively looking for a new job.

Social Security Benefits

Enter the amount of social security benefits you are receiving. Social security benefits are the percentage of your income based on your lifetime earnings.

Other Income

Enter the amount earned from your other sources of income.

Capital Income and Loss

Enter your capital income and loss. Capital income is the profit from your initial sum investment, while capital loss is the loss when a capital asset has sold for a lower price than the original price.

Total Income

Add all the income you listed above. Then, enter your overall income.

DEDUCTION

Health Savings Account Deduction

Enter the amount of deduction from your health savings account. A Health savings account (HSA) is a tax-exempt savings account for people who enrolled in a high-deductible health plan that covers a variety of medical costs.

Educator Expenses

Enter the qualified amount of educator expense deducted from your income. These are the equipment and supplementary materials that you use in the classroom as part of your teaching program.

Self-employment Tax

Enter the amount of tax deducted from your income as a self-employed.

Self-employment SEP, SIMPLE, and Qualified Plans

Enter the amount of contributions for your qualified retirement plan, such as Simplified Employee Pension (SEP), Savings Incentive Match Plans for Employees (SIMPLE), and qualified plans.

Health Insurance Deduction

Enter the amount of deduction from your health insurance.

Alimony Paid

Enter the alimony you paid as ordered by the court, if applicable.

Tuition and Fees

Enter the amount of tuition and fees deducted. The tuition and fees deduction infers the expenses paid to an eligible education institution up to $4,000.

Domestic Production Activities Deduction

Enter the amount of domestic production activities deduction. The domestic production activities deduction (DPAD) is intended to offer tax relief for businesses that produce goods in the United States than producing them in other countries.

Withdrawal Penalties

Enter the amount of penalties incurred for early withdrawal. A withdrawal penalty is a charge given to an individual for early withdrawal from a locked or time-specific account.

Moving Expenses

Enter the amount of expenses for relocation.

Total Deductions

Add all the deductions you listed above. Then, enter your overall deductions.

ADJUSTED GROSS INCOME

To get your adjusted gross income, subtract your total deductions from total income (Total Income - Total Deductions). Then, enter your computation in the space provided.

Uses of Adjusted Gross Income on Other Forms

Gross Income

This is all your income received from all sources that include money, properties, and the rates of services. Your gross income is the inferred computation of adjustments and deductions before taxes. Salary, tips, business income, interest, and dividends are some examples of sources that contribute to your gross income.

Taxable Income

Taxable income is your adjusted gross income (AGI) substracted from the standard deduction or total of itemized deductions. The tax bracket is determined through your taxable income.

Modified Adjusted Gross Income (MAGI)

The modified adjusted gross income (MAGI) is different from adjusted gross income (AGI). Thus, it is your AGI plus a few adjustments. Your modified adjusted gross income determines your eligibility for certain tax credits, deductions, and retirement plans that can be useful for lowering your overall tax bill.

What are some adjustments and deductions when determining AGI?

AGI Adjustments

Your finances and life circumstances are the common factors for making adjustments upon calculating your adjusted gross income (AGI). Furthermore, tax laws can always be modified and devised by lawmakers depending on your state. So it means that the available list of adjustments can change at any time, once a new tax law has been implemented.

When calculating your AGI, some of the most common adjustments are used to reduce alimony, student loan interest payments, and tuition and fees for qualifying institutions.

AGI Deductions

There is also an amount limit for some of the itemized deductions when computing for your adjusted gross income (AGI). There are some restrictions on qualified deductions when computing your gross income, such as:

• Qualified educator expense deductions are capped at $250.

• School tuition and fees are capped at $2,500.

• Student loan interest deduction is capped at $2,500. You are not eligible for the deduction if you are a single filer. However, if your total income is greater than $80,000 or you and your spouse are earning $165,000 and filing jointly, then you are entitled to a deduction.