adjusted income before standard deductions

Forum|Forum|5 years ago
March 19, 2021
2 replies
13 views

A person, retired, has 0 income in a year. What will be the AGI?? Will it be 0? (assume no other income. no interest, no dividends.

in that case, what will be the standard deductions? will the std deduction be 0 or can one take standard deductions (so AGI will be negative)?

SteamTrain

Level 15

AGI is gross income before the std deduction. AGI is line 11 of the 2020 form 1040.

Even so..."Taxable Income" (line 15 of the 2020 form 1040) can not go lower than zero. i.e. zero is the lower limit...after deductions have been subtracted.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

AsodhiAuthor

Level 2

Thanks for the correction. I should have said Taxable Income, not AGI.

FOR OTHER EXPERTS: Should I enter the negative number, or just a 0 for my Taxable Income? Does it matter if it is <= 0??

adjusted income before standard deductions

2 replies

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO