What's your AGI?
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 Service