Calculate My Adjusted Gross Income

Adjusted Gross Income (AGI) Calculator

Wages, Salaries, Tips:

Taxable Interest Income:

Ordinary Dividends:

Business Income (Schedule C Profit):

Capital Gains (Net):

IRA/Pension Distributions (Taxable):

Rental/Royalty Income (Net):

Other Taxable Income:

Adjustments to Income (Deductions)

Educator Expenses:

HSA Deduction:

IRA Deduction:

Student Loan Interest Deduction:

Self-Employment Tax Deduction (Half):

Alimony Paid (Pre-2019 Agreements):

Your Adjusted Gross Income (AGI) will appear here.

function calculateAGI() { // Income Sources var wagesSalaries = parseFloat(document.getElementById('wagesSalaries').value) || 0; var taxableInterest = parseFloat(document.getElementById('taxableInterest').value) || 0; var ordinaryDividends = parseFloat(document.getElementById('ordinaryDividends').value) || 0; var businessIncome = parseFloat(document.getElementById('businessIncome').value) || 0; var capitalGains = parseFloat(document.getElementById('capitalGains').value) || 0; var iraPensionDist = parseFloat(document.getElementById('iraPensionDist').value) || 0; var rentalRoyalty = parseFloat(document.getElementById('rentalRoyalty').value) || 0; var otherIncome = parseFloat(document.getElementById('otherIncome').value) || 0; // Adjustments to Income (Deductions) var educatorExpenses = parseFloat(document.getElementById('educatorExpenses').value) || 0; var hsaDeduction = parseFloat(document.getElementById('hsaDeduction').value) || 0; var iraDeduction = parseFloat(document.getElementById('iraDeduction').value) || 0; var studentLoanInterest = parseFloat(document.getElementById('studentLoanInterest').value) || 0; var selfEmploymentTax = parseFloat(document.getElementById('selfEmploymentTax').value) || 0; var alimonyPaid = parseFloat(document.getElementById('alimonyPaid').value) || 0; // Calculate Total Gross Income var totalGrossIncome = wagesSalaries + taxableInterest + ordinaryDividends + businessIncome + capitalGains + iraPensionDist + rentalRoyalty + otherIncome; // Calculate Total Adjustments to Income var totalAdjustments = educatorExpenses + hsaDeduction + iraDeduction + studentLoanInterest + selfEmploymentTax + alimonyPaid; // Calculate Adjusted Gross Income (AGI) var agi = totalGrossIncome – totalAdjustments; // Display the result document.getElementById('agiResult').innerHTML = 'Your Estimated Adjusted Gross Income (AGI): $' + agi.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + ''; }

Understanding Your Adjusted Gross Income (AGI)

Adjusted Gross Income (AGI) is a crucial figure on your tax return. It's your gross income minus specific deductions, often referred to as "above-the-line" deductions. This number is more than just a step in calculating your taxable income; it's a foundational figure that impacts many other aspects of your financial life, from eligibility for tax credits and deductions to certain government benefits and even student loan repayment plans.

What is Gross Income?

Before you can calculate AGI, you need to determine your total gross income. This includes nearly all income you receive from any source, unless it's specifically excluded by law. Common sources of gross income include:

Wages, Salaries, and Tips: Income reported on a W-2 form.
Taxable Interest Income: Interest earned from savings accounts, bonds, etc.
Ordinary Dividends: Distributions from stocks and mutual funds.
Business Income: Profits from a self-employment venture or small business (reported on Schedule C).
Capital Gains: Profits from selling assets like stocks or real estate.
IRA/Pension Distributions: Taxable amounts received from retirement accounts.
Rental/Royalty Income: Net income from rental properties or royalties.
Other Taxable Income: This can include gambling winnings, unemployment compensation, and other miscellaneous income.

What are "Above-the-Line" Deductions?

These are specific deductions that you can subtract from your gross income to arrive at your AGI. They are called "above-the-line" because they are deducted before you reach the "line" for your AGI on your tax form. Unlike itemized deductions, you can claim these even if you take the standard deduction. Common adjustments include:

Educator Expenses: Up to a certain amount for unreimbursed expenses paid by eligible educators.
Health Savings Account (HSA) Deduction: Contributions made to an HSA.
IRA Deduction: Contributions to a traditional IRA, if you meet certain income and coverage requirements.
Student Loan Interest Deduction: Interest paid on qualified student loans, up to a certain limit.
Self-Employment Tax Deduction: One-half of the self-employment taxes paid.
Alimony Paid: For divorce or separation agreements executed before 2019.

Why is AGI Important?

Your AGI is more than just a number; it's a gateway to various tax benefits and financial considerations:

Eligibility for Tax Credits: Many popular tax credits, like the Child Tax Credit, Earned Income Tax Credit, and education credits, have AGI phase-out limits.
Deductibility of Itemized Deductions: Certain itemized deductions, such as medical expenses, are only deductible if they exceed a percentage of your AGI.
IRA Contribution Limits: Your ability to deduct traditional IRA contributions or contribute to a Roth IRA is often tied to your AGI.
Medicare Premiums: Higher AGI can lead to higher Medicare Part B and Part D premiums.
Affordable Care Act (ACA) Subsidies: Eligibility for premium tax credits to help pay for health insurance is based on AGI.

How to Use the Calculator

Simply enter your income amounts and any applicable adjustments (deductions) into the respective fields. If a field does not apply to you, leave it at zero. Click "Calculate AGI" to see your estimated Adjusted Gross Income.

Example Calculation:

Let's say you have:

Wages: $70,000
Taxable Interest: $100
Ordinary Dividends: $200
IRA Deduction: $6,000
Student Loan Interest Deduction: $1,000

Your Total Gross Income would be $70,000 + $100 + $200 = $70,300.

Your Total Adjustments would be $6,000 + $1,000 = $7,000.

Your Adjusted Gross Income (AGI) would be $70,300 – $7,000 = $63,300.

Disclaimer: This calculator provides an estimate based on the information you provide and common tax rules. It is not a substitute for professional tax advice. Always consult with a qualified tax professional for personalized guidance regarding your specific tax situation. Tax laws are complex and subject to change.