modified adjusted gross income

modified adjusted gross income definition - business

modified adjusted gross income

Adjusted gross income (the amount on the last line of the first page of IRS Form 1040) without a variety of items including passive losses or income, student loan interest, and qualified tuition expenses. Modified adjusted gross income is used to determine the tax-free status of interest from savings bonds used for education expenses and the deductibility of IRA contributions.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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