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Individual TaxTax Glossary
What Is “MAGI”?
MAGI stands for Modified Adjusted Gross Income. It is your Adjusted Gross Income (AGI) with certain tax deductions and exclusions...
Individual TaxTax Glossary
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....
Individual TaxTax Glossary
What Is “AGI”?
AGI stands for Adjusted Gross Income, which is a specific measure of your income calculated on your federal tax return....
Individual TaxTax Glossary
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...
Individual TaxTax Glossary
What Is “Gross income”?
Gross income is the total amount of money you earn or receive before any taxes, deductions, or expenses are taken...
Individual TaxTax Glossary
What Is “Tax return”?
A tax return is an official document filed with a government tax authority to report your income, expenses, and other...
Individual TaxTax Glossary
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...
Individual TaxTax Glossary
What Is “Calendar year”?
A calendar year is a 12-month period that begins on January 1 and ends on December 31. In the tax...
Individual TaxTax Glossary
What Is “Tax year”?
A tax year is the specific 12-month period used by individuals and businesses to calculate their income, expenses, and tax...
Individual TaxTax Glossary
What Is “Taxpayer”?
A taxpayer is any individual, business, or legal entity that is required by law to pay taxes to a federal,...