MANAGEMENT

Detailed explanation-1: -You can find your AGI on the form you used to file your last year’s return. Various versions of Form 1040 reflect the AGI amount on different lines: Line 11 on Form 1040 and 1040-SR (2020 tax year) Line 11 on Form 1040-NR (tax year 2020 form)

Detailed explanation-2: -The minimum amount (or threshold) of income requiring you to file a federal tax return. 2022 filing requirements for most taxpayers: Gross income of at least $12, 950 (individuals) or $25, 900 (married filing jointly).

Detailed explanation-3: -For the 2022 tax year (the return you’ll file in 2023), the standard deductions are: For single taxpayers and for those who are married but filing separate returns: $12, 950. For heads of households: $19, 400. If you’re married and filing jointly, or if you’re a qualifying surviving spouse with a dependent: $25, 9003.

Detailed explanation-4: -The AGI calculation is relatively straightforward. It is equal to the total income you report that’s subject to income tax-such as earnings from your job, self-employment, dividends and interest from a bank account-minus specific deductions, or “adjustments” that you’re eligible to take.