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Deductions & credits
Gross income includes all income from all sources that is not exempt from taxation such as some social security income and SSI income. Deductions are then subtracted from gross income to arrive at adjusted gross income to calculate the taxable income.
For self-employed persons gross income is line 7 of Schedule C.
The $4,050 applies to gross income, not the AGI.
https://www.irs.gov/e-file-providers/definition-of-adjusted-gross-income
quote
Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 29, 2020
1:50 PM