Yo yo yo, CPA Strength here, the strongest CPA in the game. I am accompanied by my uncle Tommy Jill, winner of the championship game and the first two Super Bowl games, coached under Vince Lombardi. Yeah, he's fat, but he's proud of me, I know he is. And yeah, we get it going. We're gonna do a GI today. What's that? Oh, before we continue, could you please like and share this video? If you do, you'll have good luck for the rest of your life. But you have to like it right now. Please, like it. Thank you very much. So, we're doing a GI today. What's the GI? That's the Adjusted Gross Income. We're doing Adjusted Gross Income today, and it's on the 1040. This is the 1040, okay? There are two pages to it. The very bottom of the first page is the 1040. I know you can't really see it, and I'm sorry. Can we do something about this? Okay, moving on. Up top here, that's your income. Think about it. And then the line, you always need to think about. When I said Adjusted Gross Income, that's why I'm big on writing everything out in accounting and tax. Write it all out because AGI, you're like, 'What is that?' In my head, I think it's a GI Bill or something. Oh, I get money off from school because I was in the army. But I wasn't even in the army. So, Adjusted Gross Income. On the 1040, you have your income up top here. Adjust it. Let's adjust it. You have these. I see, this is where it says Adjusted Gross Income. It's a whole section here. So, you adjust it. Those are above the line deductions. The line is called Adjusted Gross Income,...
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Adjusted gross income Form: What You Should Know
If you're still not sure, fill out the annual return. Tax law refers to the income you actually earned. It tells us how much you should pay in taxes. What is ordinary income for 2018? The first time you earned 200,000 or more of your adjusted gross income in a tax year, you're considered to have earned “ordinary” income and can elect to file the standard tax return. You don't have to show the standard tax return. You may elect to file a simplified return instead. If you make 200,000 to 400,000 in the year, you qualify for the special “married filing jointly” rules. Learn more about them in IRS Publication 535, Mental Health Counseling and Psychotherapy Services, for the taxable year you made 200,000 or more in adjusted gross income. This is also true for 150,000 to 200,000 in adjusted gross income. Income from any source from sources within or outside the United States may be subject to additional tax depending on... What is ordinary income? How will I find my income in 2018? How much can I have in an IRA? There are three situations in which income may be subject to tax. What do you mean by ordinary income? What if I've been making enough to get to 200,000? The IRS has created a definition of “ordinary income” to describe income that doesn't qualify as regular income under a normal distribution schedule. This includes income you receive from sources within or outside the United States. You can find your income in Part I of Form 1040, so I suggest reading it right before moving to Part II of Form 1040. There are two sections you can use to find out the amount of the income you are qualified to exclude: Amount on Form 4797 is an amount excluded on your modified adjusted gross income (MAGI). This income is 100,000 or more of your gross income from all sources or 150,000 or more of your adjusted gross income from all sources for the tax year. This amount doesn't include dividends, interest, capital gain, rental income, unemployment compensation, Social Security, non-exempt payments, or taxable self-employment income, and is not taxable income (see IRM 21.5.1.2.1, Taxation of Income).
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