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Individual TaxTax Glossary
What Is “Tax due”?
Tax due is the outstanding balance you owe to the IRS or a state tax authority when your total tax...
Tax GlossaryIndividual Tax
What Is “Tax liability”?
Tax liability is the total amount of tax you legally owe to a government authority, such as the IRS, state,...
Tax GlossaryIndividual Tax
What Is “Taxable income”?
Taxable income is the portion of your gross income that is actually subject to federal income tax after all allowable...
Tax GlossaryIndividual Tax
What Is “MAGI”?
MAGI stands for Modified Adjusted Gross Income. It is your Adjusted Gross Income (AGI) with certain tax deductions and exclusions...
Tax GlossaryIndividual Tax
What Is “Modified adjusted gross income”?
Modified Adjusted Gross Income (MAGI) is your Adjusted Gross Income (AGI) with certain tax deductions and exclusions added back in....
Tax GlossaryIndividual Tax
What Is “AGI”?
AGI stands for Adjusted Gross Income, which is a specific measure of your income calculated on your federal tax return....
Tax GlossaryIndividual Tax
What Is “Adjusted gross income”?
Adjusted Gross Income (AGI) is a measure of your total income calculated by the IRS that is used to determine...
Tax GlossaryIndividual Tax
What Is “Gross income”?
Gross income is the total amount of money you earn or receive before any taxes, deductions, or expenses are taken...
Tax GlossaryIndividual Tax
What Is “Tax return”?
A tax return is an official document filed with a government tax authority to report your income, expenses, and other...
Tax GlossaryIndividual Tax
What Is “Fiscal year”?
A fiscal year is a consecutive 12-month period used by a business or organization for financial reporting and tax purposes...