Question

AGI

Forum|Forum|5 years ago
March 1, 2021
1 reply
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I am using Turbo Tax Premier to do my 2020 Taxes. On the front of my 1040SR on line 9 it shows lines 2b through line 9 the total of those lines as income. Then on line 10a and 10b (adjustments to income) those two lines are blank. Why, shouldn't my Charitable Contributions (line 10b) be subtracted from the total on line 9 and give me an adjusted gross income line 10c?

How is my Adjusted Gross Income determined? Should my "Total Income" on line 9 on my 1040SR be the same 11 (Adjusted Gross Income)?

DaveF1006

Adjusted Gross income (AGI) is determined by taking your total income then subtracts “adjustments to income.” These are specific expenses that the IRS allows you to use to effectively reduce your total income to arrive at your AGI. The $300 contribution is one of these adjustments that the IRS allows in 2020 due to COVID 19.

Your total income minus your adjustments is your adjusted gross income. This is a good thing for taxpayers.

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