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New Member
posted Apr 12, 2024 4:58:37 PM

My AGI is higher than my net income. Is that possible?

No income other than W-2 and interest income. The interest income isn't enough to cover the difference between AGI and net income.

0 5 2718
5 Replies
Employee Tax Expert
Apr 12, 2024 5:08:43 PM

What do you mean by net income?   Your adjusted gross income (AGI on Line 11 of Form 1040) is generally higher than your taxable income (Line 15 of Form 1040).   Your AGI includes everything, and then you take either the standard or itemized deductions to lower your AGI to taxable income.   If you have a business with net income, you have self-employment tax, which can't be lowered or eliminated by your standard deduction.  

Level 15
Apr 12, 2024 5:11:02 PM

The AGI is usually more than your taxable income.  AGI is your total income.  Then you subtract either your Standard Deduction or Itemized Deductions to get your net taxable income.  Did you mean something else?  

New Member
Apr 12, 2024 7:01:37 PM

AGI is higher than box 1 on my W2. That is what I meant by net income.

 

Thanks

Expert Alumni
Apr 12, 2024 7:51:49 PM

You can see your return better than us. What do you have on lines 1 through 9.

 

Perhaps you have something on line 10 (from Schedule 1 (1040)). 

Level 15
Apr 12, 2024 8:26:40 PM

Are you a student?  Are there any letters by 1040 line 1 like SCH?