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New Member
posted May 15, 2020 10:06:53 AM

What is my annual net income

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1 Best answer
Level 15
May 15, 2020 11:55:42 AM

The term "net income" does not exist on the personal income tax form 1040.

Line 7b is your total income

Line 8b is your Adjusted Gross Income (AGI)

Line 11b is your Taxable income (after all deductions and adjustments)

 

For Schedule C, self employment (sole proprietorship), the IRS uses the term Net Profit.  On Schedule E (rental income), the IRS uses the term  total rental real estate income.  But  those items are net income, for their respective activities.

1 Replies
Level 15
May 15, 2020 11:55:42 AM

The term "net income" does not exist on the personal income tax form 1040.

Line 7b is your total income

Line 8b is your Adjusted Gross Income (AGI)

Line 11b is your Taxable income (after all deductions and adjustments)

 

For Schedule C, self employment (sole proprietorship), the IRS uses the term Net Profit.  On Schedule E (rental income), the IRS uses the term  total rental real estate income.  But  those items are net income, for their respective activities.