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NL1980
Returning Member

How do I calculate my AGI by quarter? is this just my business income or all income (including wages)? Do I break it down by when I earned the money?

I am annualizing my income as I made most of the profit from my new business in the 4th quarter.  I have entered my business income by quarter and my wages by quarter already.  Now and I asked to enter my AGI less one-half of my self-employment tax for each period.  how do I calculate my AGI this way?  It is not the same as my business profit plus wages because AGI includes all the other deductions etc.  I also had some months of unemployment which were not included in the wage number.  I wish there were more instructions on this page.
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1 Reply
RayW7
Expert Alumni

How do I calculate my AGI by quarter? is this just my business income or all income (including wages)? Do I break it down by when I earned the money?

I can help with how AGI is calculated but you will have to do the math in order to arrive at the quarterly amounts. 

 

Your AGI will be listed on the 1040 on  line 11.

 

The Adjusted Gross Income (AGI) calculation is relatively straightforward.

  • It is equal to the total income you report that’s subject to income tax—such as earnings from your job, self-employment, alimony income and interest from a bank account—minus specific deductions, or “adjustments” that you’re eligible to take.
  • Your AGI is calculated before you take exemptions and the standard or itemized deduction—which you report in later sections of the return.

-follow the links for more information on AGI-

How to Figure Out Adjusted Gross Income (AGI) - TurboTax ...

What is Adjusted Gross Income (AGI)? - TurboTax Tax Tips ...

 

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