Understanding Adjusted Gross Income

The video tutorial explains the concept of Adjusted Gross Income (AGI), which is the taxable income after deductions. It covers the types of income included in AGI, such as salaries, wages, and dividends, and those that are exempt, like workers' compensation and child support. The tutorial also discusses various deductions, including mortgage interest and student loans, and less common income types like tax refunds and royalties. The calculation of AGI is done on Form 1040 for individuals.

What is adjusted gross income (AGI) and how is it calculated?

List some sources of income that are included in AGI.

What are some examples of income that are not included in AGI?

Explain what deductions are and provide examples.

What are some less common forms of income that are included in gross income?

Can you take both itemized and standard deductions? Explain your answer.

How does one calculate their AGI on Form 1040?