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Video instructions and help with filling out and completing How to find agi on w2
Hey there students my name is Nathan and I'm a Czech tutor in this video today we're going to talk about adjusted gross income now this is part of income tax now before we start income tax is quite extensive there is a lot that goes into calculating taxable income now today we're just gonna be talking about adjusted gross income but even with that there's a lot of deductions there's a lot of types of income that go in there's a lot of exemptions pretty much there's a ton of factors that come into play to calculate an adjusted gross income so for this video we're just gonna talk about some of the main types of deductions and income that is associated with calculating adjusted gross income so we're not gonna cover everything and obviously with each type of income each type of deduction there's a lot of rules and there's also a lot of other schedules and forms that you have to fill out that needs to be attached to the main 1040 that you fill out for your income tax return so once again we're not going to cover everything but we're going to cover some of the most primary deductions and types of income that go into calculating adjusted gross income so adjusted gross income is basically starting with your wages and including all other types of income and excluding any types of income that can be exempted or excluded and then after that you have to go through a many types of deductions to get down to your AGI so on the left side here I went and discussed the formula that's going to be used for this particular example so you have your main wages that you get from your primary job then there's other types of income so you can have a business income that you're gonna get from what they call your Schedule C so you fill out a different form and you put that on your 1040 now with this Schedule C that can be many different types of businesses sole proprietorships is mainly what's covered here now what a lot of you may be experiencing is you receive a 1099 because you're an independent contractor that would also go on your schedule see so some of the big types of 1099 jobs there are today our uber lyft Airbnb thumbtack it's what they call the the gig economy so a lot of people are starting these independent contracting jobs where they cover a lot of their own expenses and you're not really employed by anyone so if you are part of either uber lyft Airbnb you would fill out a Schedule C and that income would go on your 1040 now you have income associated with those jobs but there's also types of expenses that you can use to offset your income again we're not going to get too much into those types of expenses but they're qualified expenses.