What is Taxable Income?

Taxable income is the amount of income subject to income taxes that is calculated by subtracting eligible deductions (such as IRA contributions, alimony payments, unreimbursed business expenses, some capital losses, etc.) from adjusted gross income.

 

See Also:

IRA vs. 401(k) — What’s the Difference?

How to Efficiently Turn Savings into Income

Pay It Forward on Tax Day

The Ins & Outs of Taxable Accounts

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