Download Adjusted Gross Income Calculator Template In Excel

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 this Adjusted Gross Income Calculator template in Excel Format

Our easy to use editable Excel templates and save your significant amount of time and effort. Here’s how to download and use one of our templates:

  1. Download this free Excel Template: Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

  2. Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

  3. Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

  4. Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

  5. Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

Click Download Button To Get Adjusted Gross Income Calculator Excel Template

Instruction :

All Excel templates and tools are sole property of User can only download and use the excel templates for their Personal use only. All templates provided by XLSX templates are free and no payment is asked. However, you are not allowed to distribute or share in any other website for sole purpose of generating revenue from it.

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