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Simple English definitions for legal terms

adjusted gross income (AGI)

Read a random definition: UMTA

A quick definition of adjusted gross income (AGI):

Adjusted Gross Income (AGI) is the amount of money you earn in a year minus certain deductions, like student loan interest or retirement savings. It's important because the IRS uses it to figure out how much income tax you owe. AGI includes all types of income, like wages, dividends, and business income. By subtracting certain deductions from your gross income, you get your AGI.

A more thorough explanation:

Adjusted Gross Income (AGI) is the amount of income an individual earns after certain adjustments are made to their gross income. Gross income includes all the money an individual earns from various sources such as wages, dividends, capital gains, business income, and retirement distributions.

Adjustments are made to the gross income to arrive at the AGI. These adjustments include deductions for things like student loan interest, alimony payments, and retirement savings. The AGI is important because it determines an individual's income tax liability for the year.

For example, if an individual earns $50,000 in gross income but has $5,000 in deductions for student loan interest and retirement savings, their AGI would be $45,000.

The AGI also affects the extent to which certain expenses can be deducted, such as medical expenses, nonbusiness casualty and theft losses, and charitable contributions.

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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