Q. What is Adjusted Gross Income?
Adjusted Gross Income - Gross income decreased by business and other specified expenses ofindividual taxpayers. Amount of adjusted gross income affects the extent to that medicalexpenses, non-business casualty and theft losses and charitable contributions can be deductible.It is also a significant figure in the basis of many other individual planning issues and a keyline item on the IRS form 1040 and required state forms.