AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Agi on turbotax return12/13/2023 Be sure to enter the number exactly how it appears. On the screen, Lets fix your returns and then refile screen, select Fix it now or Revisit On the following screen, enter your 2020 AGI from your Form 1040, line 11. If it's below a certain threshold, you won't have to pay AMT, but if it's above that threshold, you might. Maybe the following will help: Sign into your TurboTax account and select Fix my return. Finally, your liability for the alternative minimum tax is based on your AGI. For example, a single person with a $200,000 AGI in the 2013 tax year would have $50,000 in income over the threshold and would have to reduce his deduction by $1,500, which is 3 percent of $50,000. If you and your spouse filed separate tax returns, calculate your total AGI by adding line 8b from both tax returns and entering the total amount. As reinstated in the early 2013 "fiscal cliff" bill, the Pease Limitation requires high income taxpayers to reduce their itemized deductions by an amount equal to 3 percent of the amount of their AGI that exceeds the threshold. Where do I find adjusted gross income on 1040 If you filed a tax return (or if married, you and your spouse filed a joint tax return), the AGI can be found on IRS Form 1040Line 8b. Can TurboTax find my AGI If you filed your 2018 taxes with TurboTax, sign in and go down to Your tax returns & documents. If your AGI is high enough, your itemized deductions may be limited. First, as of the date of publication, if you itemize deductions, you can only deduct miscellaneous deductions that exceed 2 percent of your AGI and medical expenses that exceed 10 percent of your AGI. Calculating your gross income is an intermediary step toward calculating your taxable income, but your AGI has a broader effect on your overall tax liability.
0 Comments
Read More
Leave a Reply. |