What does AGI mean in Accounting?

This page is about the meanings of the acronym/abbreviation/shorthand AGI in the Business field in general and in the Accounting terminology in particular.

Adjusted Gross Income

Business » Accounting


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What does AGI mean?

Adjusted gross income
In the United States income tax system, adjusted gross income is an individual's total gross income minus specific deductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated by subtracting Above-the-line deduction from gross income.

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"AGI." Abbreviations.com. STANDS4 LLC, 2017. Web. 15 Dec. 2017. <http://www.abbreviations.com/term/48551>.

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