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Adjusted Gross Income

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Adjusted gross income (AGI) is a United States tax term for an amount used in the calculation of an individual's income tax liability. AGI includes all gross income adjusted by certain allowed deductions, and is an important benchmark determining certain other allowed benefits.

For example, most limitations on deductions or credits are determined based on either AGI or modified adjusted gross income (MAGI). MAGI is AGI modified by certain amounts specific to the given limitation.

Gross income includes wages, interest income, dividend income, income from certain retirement accounts, capital gains, alimony received, rental income, royalty income, farm income, unemployment compensation, and certain other kinds of income. AGI is the last number on the first page of the Form 1040, the standard U.S. income tax return form for individuals.

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