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Why does my AGI total amount for the tax year not add up to the taxable income amounts added within the Wages & Income section of TurboTax?

Refunds, ETPs and Misc Income from 529/ESA (all used for qualifying expenses) should not be included to the AGI total amount...correct?
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LeticiaF1
Employee Tax Expert

Why does my AGI total amount for the tax year not add up to the taxable income amounts added within the Wages & Income section of TurboTax?

The AGI includes your taxable income minus some deductions or adjustments. ‌If your state refunds from a past year are taxed, then they are included in your AGI. If your investments are taxed, then they are included. Regarding the 529 distribution, as long as it was used for qualifying expenses, it shouldn't be included in your AGI.

 

What is Adjusted Gross Income (AGI)?

529 Plans and Taxes: Deductions, Tax-Free Withdrawals & More

How do I find last year's AGI?

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