Gross Income

Gross Income is the totality of all income; from whatever source it is derived. Losses are also included in the gross income category, but the amount allowed may be limited.

Gross Income includes, but is not limited to:

• Wages, salaries and other earned compensation
• Interest, dividends and capital gains
• State income tax refunds (when applicable)
• Alimony received
• Income from a business, profession, partnership or trust
• Rental properties
• Retirement Plan distributions (ex: IRAs, Pensions, Social Security)
• Unemployment
• Other income, losses or exclusions

Adjustments to Gross Income

• Education related (educator expenses, tuition and fees, student loan interest)
• Retirement related (IRAs, SEP, SIMPLE etc)
• Medical Saving Account
• Alimony Paid
• Self-employment related (one-half of the S.E. tax, S.E. health insurance deduction, etc)
• Moving expenses
• Penalty on early withdrawal of savings
• Certain business expenses of reservists, performing artists, fee basis government officials

Gross Income less these adjustments equals Adjusted Gross Income.

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