Adjusted gross income (AGI), or your income minus deductions, is important when calculating your total tax liability. It not only determines your tax bracket, but also tells you which credits you qualify for and how much you're able to contribute each year to your tax-deferred retirement accounts. Indeed, itemized deductions including medical expenses and charitable contributions, begin phasing out this year once your AGI reaches $132,950 for taxpayers who are single or married filing jointly and $66,475 for married taxpayers filing separately. Here's how to calculate your AGI.
Source: Internal Revenue ServicencG1vNJzZmiln6OyunrCp6Vnm5%2BifLW5z2ilnqynpL%2B1tJFnn62lnA%3D%3D