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Can my Adjusted gross income and my gross income be the same thing?
trying to fill out my fafsa and on my tax return they are the same thing...am I looking in the wrong spot? thanks
I used a 1040
6 Answers
- introybleLv 41 decade agoFavorite Answer
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forgot to mention, sometimes you will have the exact same number there.
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The gross income is line 22
on the 1040 the adjusted gross is line 37
no, they are not the same thing.
gross income is the actual income you earned from wages, tips ect ect.
the adjusted gross income is your actual income (gross) plus the adjustments.
if you can tell me what form you used last year ~ 1040 ez, 1040 or 1040A or perhaps another form, i can tell you exactly what line number is what.
adjustments are another subject but to answer your question again, they are not the same thing.
- Lauren FLv 71 decade ago
Yes, if you don't have a lot of adjustments on your tax return for things like bank interest and dividends, or social security payments.
Your fafsa should tell you the lines to enter (such as gross income is 1040EZ line 3, adjusted gross income is 1040EZ line 6). Just follow those instructions and you will be fine.
- Ryan MLv 71 decade ago
no they are not the same. AGI is gross income minus deductions. Everyone has AT LEAST the standard deduction to take away from gross income
- dizzkatLv 71 decade ago
Not sure what line you look at but no they are not the same number. You have personal deductions and deductions for children that will affect your AGI.
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- JudyLv 71 decade ago
Sure, it's probably the same for most people. It's only different if you have an entry in the "adjustments" section.