What is Adjusted Gross Income?

What is gross income?

Gross income include all income the taxpayer received in the form of nonexempt:

• money
• property
• services
• income from sources outside the United States (even if all or part of it can be excluded)

Gross income is the total of earned income and unearned income.

Are Social security benefits included in gross income?

Note that social security benefits are not included in gross income unless the person is:

• married and filing a separate return from his or her spouse and
• lived with his or her spouse at any time that year.

I turn 65 on January 1 of the following year, how old am I at the end of last year for tax purposes?

65.

What are unearned income?

Unearned income includes:

• taxable interest
• ordinary dividends
• capital gains distributions.

What are earned income?

Earned income include:

• wages
• tips
• taxable scholarship
• fellowship grants