The IRS uses your adjusted gross income (AGI) to determine how much income tax you owe in a year.
AGI is calculated by taking your total income for the year (your gross income) and subtracting certain income adjustments.
Your AGI may affect your tax deductions, as well as your eligibility for certain types of contributions to a retirement plan, such as a Roth Individual Retirement Account (Roth IRA).
Modified Adjusted Gross Income (MAGI) is your AGI with some allowable deductions added back in. For many people, AGI and MAGI will be the same.
Items deducted from your gross income when calculating your AGI include child support and education expenses.
The Electronic Federal Tax Payment System (EFTPS) is a 24/7 service provided by the US Department of the Treasury that allows taxpayers to make tax payments over the phone or the Internet.
Form 1095-B: Health insurance contains health insurance information for taxpayers, their spouses, and dependents if they are enrolled through an insurance company.
Form 1099-R is used to report distributions of annuities, income distribution plans, retirement plans, retirement accounts, insurance contracts, or pensions.
Form 2439 is an IRS form that regulated investment companies (RICs)—mutual funds and exchange-traded funds—and real estate investment trusts (REITs) are required to circulate to shareholders to report unallocated long-term capital gains.