Sometimes the divisor is taxable income and sometimes it is gross or adjusted gross income.
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One thing to note is it is the lesser of net investment income or excess adjusted gross income over the threshold.
If you haven't done it already, when you e-file this year, get a PIN for filings or use your adjusted gross income from 2011 as a PIN.
The losses of a trader in securities, whether from trading losses or expenses, reduce Adjusted Gross Income and do not present alternative minimum tax problems.
In addition, he or she will not have to recognize the distribution as income for determining Adjusted Gross Income (AGI) or any modified AGI calculations.
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Gifts of IRA assets often make sense if the donor doesn't itemize deductions, has few or no liquid assets outside the IRA, or is concerned about minimizing adjusted gross income.
Adjusted gross income, or AGI, is the number at the bottom of the front page of Form 1040.
We can measure how much working wealth, measured as net adjusted gross income (or net AGI), was added or lost during the same decade.
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Income over the applicable amount will trigger an itemized deduction limitation that is the lesser of (a) 3% of the adjusted gross income above the applicable amount, or (b) 80% of the amount of the itemized deductions otherwise allowable for the taxable year.
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Starting in 2013, impacted investors will need to manage not only their adjusted gross income but also their investment income in order to avoid or minimize this tax.
Example: You can take a penalty-free distribution from either a 401(k) or an IRA to cover out-of-pocket medical expenses that exceed 10% of your adjusted gross income.
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One unintended consequence some of our clients are seeing as a result of their conversion will be a one or two year spike in their Medicare B payments, since such premiums are based on two-year trailing modified adjusted gross income.
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