Adjusted Gross Income (AGI) is an individual's total gross income minus specific deductions, known as adjustments. It is used to determine taxable income and eligibility for certain tax credits and deductions.
Gross Income: The total income from all sources before any deductions or taxes.
Taxable Income: The portion of your income that is subject to federal income tax after all deductions and exemptions.
Standard Deduction: A fixed dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status.