asked for AGI and have no idea!

Forum|Forum|7 years ago
October 5, 2019
15 replies
91 views

I am at a point in trying to do my taxes, where I am being asked by Turbo Tax to enter "any adjustment to my gross income". I don't know if I should be entering something. I thought Turbo Tax would figure that out for me. I also don't know what "form" (such as Form 1040EZ) I am using because Turbo Tax has chosen one, I imagine, as I have been going through the process, but I don't know which it is. I know that if it is the 1040EZ that I would NOT claim any adjustments to income. I suppose I am being asked about AGI because I filled in foreign taxes paid? But still, I have no idea what if anything I should fill in here... I had hoped Turbo Tax would do it for me. But I know that AGI is important and I don't want to just skip over this question. Anyone able to guide me here?

TurboTax

DoninGA

Level 15

The program is asking if you have any alternative minimum tax preferences or adjustments applicable for the income or expenses for Italy. If you are not liable for AMT on your tax return then leave those blank.

Adjustments and tax preferences are items of income and deductions that have received favorable tax treatment for regular tax purposes but which are added back to or subtracted from your income for alternative minimum tax (AMT) purposes.

barthurAuthor

Level 2

You've been so kind to help me, thank you! How do I know if I am liable for AMT ?

barthurAuthor

Level 2

I honestly did not even know what it is. I am googling it and it seems to apply to top percentile of taxpayers which I am definitely not. I am very low income. So perhaps I can guess that I would not liable for it.

donrevelle

Level 2

Adjustments to AGI are amounts that are deductible, but that do not go on Schedule A, Itemized Deductions. Adjustments to AGI would be things like contributions to an IRA, or teacher's expenses, or contributions to a health savings account, or alimony paid, etc. If you don't have any amounts like that that are deductible, you can skip that section.