IRA Contributions

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Definitions
Adjusted Gross Income (AGI)
Adjusted Gross Income Taxable Income Deductions Medical Expenses Charitable Contributions Itemized Deductions Business Expenses Alimony Payments IRA Contributions
An intermediate step in calculating taxable income, AGI is the amount used for computing deductions based on, or limited by, a percentage of income, such as medical expenses, charitable contributions, and miscellaneous itemized deductions. This amount is determined by subtracting from gross income any business expenses and other deductions, such as KEOGH payments, alimony payments, and IRA contributions.
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