Income

Income from Schedule E:

Rental real estate, royalties, partnerships, S Corporations, trusts, etc.

Adjusted gross income:

Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 33 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.

Taxable income:

Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions.




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