In the United States income tax system, adjusted gross income (AGI) is an individual’s total gross income minus specific deductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions.
Also to know is, how do I get my AGI from last year?
To retrieve your original AGI from your previous year’s tax return you may do one of the following:
Use the IRS Get Transcript Online tool to immediately view your Prior Year AGI.
Contact the IRS toll free at 1-800-829-1040.
Complete Form 4506-T Transcript of Electronic Filing at no cost.
What is my standard deduction for 2017?
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.
What is the personal exemption 2017?
The personal exemption for tax year 2017 remains as it was for 2016: $4,050. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). The 2016 exemption amount was $53,900 ($83,800 for married couples filing jointly).
How many personal exemptions do I have?
This means you can claim a $4,000 exemption on your tax return for each qualifying dependent. For example, a married couple with two children could potentially claim two personal exemptions ($4,000 each) and two dependent exemptions ($4,000 each) on their joint tax return ($16,000 = total exemption amount).