Download Adjusted Gross Income Calculator Excel Template

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AGI or Adjusted Gross Income Calculator helps you calculate your tax bracket as well as tax liability.

What is Adjusted Gross Income?

AGI is the basis of various tax thresholds. It eventually helps to determine eligibility for certain tax credits. AGI is your total income less allowable deductions.

What is AGI

Moreover, We have created an easy to use Adjusted Gross Income Calculator. You can use excel template to calculate AGI.

Adjusted Gross Income Calculator

The AGI Calculator consists of 4 sections.

  1. Firstly The Header Section
  2.  Secondly The Gross Income Section.
  3. Thirdly Allowable Deductions Section.
  4. Subsequently Calculation of AGI

1. Header Section

However, The header section contains the” AGI Calculator. Also, If you are an advisory company you can add company name or logo in the template.

2. Gross Income Section

This section consists of income from different sources.

These sources include:

  • Wages / Salary.
  • Income from Dividends.
  • Income from Business.
  • Taxable Pension.
  • Alimony Received.
  • Rental Income.
  • Capital Gains on Investment.
  • Royalty Income.
  • Income from Farming activities.
  • Unemployed Compensations.

Enter amounts of all applicable incomes in all respective cell.

At the end, this will evaluate your Total Gross Income.

3. Allowable Deductions

These claimable deductions allowed by IRS are:

  • Expenses for Business Purposes.
  • Expenses related with rent or royalties.
  • Losses made during sale/ exchange of properties.
  • Student Loan Interests.
  • Alimony paid.
  • Contributions towards IRAs.
  • Contributions to the Medical Saving Accounts.
  • 50% of Self employment tax.
  • Self-employed Health Insurance Expenses.

Therefore, Enter amounts of all applicable incomes in their respective cell.

So, it will evaluate your Total Gross Income.

 4. Calculation of AGI

So, The Calculation of AGI is 3 step process.

  1. Adding income from all sources.
  2. Adding applicable allowable expenses.
  3. The difference of Gross Incomes less of Allowable Deductions.

Therefore the Formula is:

So, AGI = Gross Income – Allowable Deductions

Where to find AGI on tax return

Subsequently, Gross Income is the total of your income from all different sources.

However, Gross Income doesn’t include gifts, inheritances, tax-free Social Security benefits or tax-free interest from state or local bonds.

Moreover, Allowable deductions are the one claimable expenses allowed by IRS.

Furthermore, The allowable deductions use to derive AGI deduction prior to tax exemptions for military service, dependent status, etc.

Download Adjusted Gross Income Calculator Excel Template

To use this free Excel Template, you should have Microsoft Office/ Microsoft Excel. You can only use this template if you have these applications in your system. or Use, Google Sheets. 

After installing Excel or Spreadsheet, download the xlsx file of this template to use it

Once extracted, you can open the file using Excel and start entering data or customizing the template.

Click The Button Below To Download Adjusted Gross Income Calculator Excel Template

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