Household income and adjusted gross income are two different concepts used to measure an individual or family’s financial situation. Household income refers to the total amount of money earned by all members of a household before taxes and deductions, including wages, salaries, investments, and other sources of income. This figure gives a broad overview of the overall financial well-being of a household.
On the other hand, adjusted gross income (AGI) is a specific tax-related term used in the United States to calculate an individual or family’s taxable income. AGI is calculated by subtracting certain deductions, such as retirement contributions, student loan interest, and alimony payments, from the total household income. This figure is used to determine how much income is subject to federal income tax.
While household income and adjusted gross income are related in that they both involve assessing an individual or family’s financial status, they serve different purposes. Household income provides a general overview of a household’s economic resources, while adjusted gross income is a more specific calculation used for tax purposes. Understanding the distinction between these two terms can help individuals better manage their finances and comply with tax regulations.
Shorthand for the “Health Insurance Marketplace ®,” a shopping and enrollment service for medical insurance created by the Affordable Care Act in 2010. In most states, the federal government runs the Marketplace (sometimes known as the “exchange”) for individuals and families. On the web, it’s found at HealthCare.gov.
The Marketplace uses an income number called modified adjusted gross income (MAGI) to determine eligibility for savings. It’s not a line on your tax return. Your total (or “gross”) income for the tax year, minus certain adjustments you’re allowed to take.
Types of income to include. The Marketplace uses an income number called modified adjusted gross income (MAGI) to determine eligibility for savings. It’s not a line on your tax return. Your total (or “gross”) income for the tax year, minus certain adjustments you’re allowed to take.
Household size Min. income Typical max. income
————– ———– ——————-
1 person $14,580 $58,320
2 $19,720 $78,880
3 $24,860 $99,440
4 $30,000 $120,000
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