Free adjusted gross income calculator
Enter your gross income and above-the-line deductions — this AGI calculator subtracts retirement contributions, HSA, student loan interest, and other adjustments to show your 2024 adjusted gross income, updated live, as you type.
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Estimated only. Actual withholding depends on your W-4 elections, filing status, and local laws. Consult your payroll provider for exact figures.
Results are estimates. Consult a professional.
How the adjusted gross income calculator works
Adjusted gross income (AGI) is the single most important number on your federal tax return. It is the foundation that determines whether you qualify for dozens of credits and deductions — the Saver's Credit, the earned income credit, Roth IRA contributions, the student loan interest deduction, medical expense deductions, and Medicare Part B and D premiums (IRMAA), among others. The AGI calculator starts with your total gross income and subtracts only the deductions the IRS allows before the adjusted gross income line, known as above-the-line deductions.
Worked example: teacher with IRA and student loan interest
Morgan is a single public school teacher earning $58,000 in wages. Morgan contributes $3,000 to a traditional IRA (Morgan has no workplace retirement plan, so the full contribution is deductible), deducts $250 as an educator expense, and paid $1,200 in student loan interest. Here is how AGI is calculated.
Common above-the-line deductions and 2024 limits
Above-the-line deductions reduce AGI regardless of whether you itemize or take the standard deduction. Each has its own cap and eligibility rules.
| Deduction | 2024 limit | Who qualifies |
|---|---|---|
| Traditional IRA contribution | $7,000 ($8,000 age 50+) | Anyone with earned income; deductibility phases out with workplace plan |
| 401(k) / 403(b) elective deferral | $23,000 ($30,500 age 50+) | Employees with workplace plan; reduces W-2 AGI automatically |
| SEP-IRA contribution | 25% of net SE income, up to $69,000 | Self-employed individuals |
| HSA contribution (self-only) | $4,150 | HDHP enrollees; self-only coverage |
| HSA contribution (family) | $8,300 | HDHP enrollees; family coverage |
| Student loan interest | $2,500 max | Modified AGI < $85,000 single / $175,000 MFJ (2024) |
| Educator expenses | $300 ($600 MFJ, both educators) | K-12 teachers; unreimbursed classroom expenses |
| ½ self-employment tax | 50% of SE tax paid | Self-employed individuals |
| Alimony paid | Full amount paid | Divorce decrees executed before Jan. 1, 2019 only |
| Health insurance (SE) | 100% of premiums | Self-employed; not eligible for employer plan |
Source: IRS Rev. Proc. 2023-34 (2024). IRA deductibility phases out: single with workplace plan $77,000–$87,000; MFJ both covered $123,000–$143,000.
Tips for lowering your AGI
Because AGI is the gatekeeper to so many tax benefits, reducing it has a compounding effect — a lower AGI can simultaneously improve Roth IRA eligibility, boost the Saver's Credit rate, lower Medicare premiums, and expand medical expense deductibility.
- Max your workplace retirement plan first. Traditional 401(k) or 403(b) contributions come straight out of your paycheck before taxes, reducing your W-2 Box 1 wages and therefore your AGI automatically — no extra form needed.
- Fund an HSA if you have a high-deductible health plan. The HSA deduction is above the line, reduces AGI, and the money grows tax-free and is tax-free for qualified medical expenses. It is one of the only triple-tax-advantaged accounts available.
- Self-employed? Deduct the employer half of SE tax. The IRS lets self-employed filers deduct 50% of their self-employment tax — calculated on Schedule SE — directly from AGI. Do not overlook it.
- Contribute to an IRA even if not fully deductible. Even a non-deductible traditional IRA contribution may be worth making for future Roth conversions (the 'backdoor Roth'), and the contribution still counts toward the Saver's Credit.
- Watch the IRA deductibility phase-out. If you or your spouse has a workplace plan, the traditional IRA deduction phases out by AGI. If your AGI falls within the phase-out range, boosting 401(k) contributions to lower AGI may restore your IRA deduction.
Accuracy and limitations
This calculator uses 2024 limits from IRS Rev. Proc. 2023-34 and covers the most common above-the-line deductions. It does not cover every possible adjustment — items such as jury duty pay, rental loss, moving expenses (active military only), or archer MSA deductions are omitted. The IRA deductibility phase-out is applied based on your inputs, but the exact phase-out amount is prorated over a $10,000 range (single) or $20,000 range (MFJ); enter your best estimate of AGI after all other adjustments to get the most accurate result.
AGI is calculated on your Form 1040 before you claim the standard deduction or itemized deductions. Modified AGI (MAGI) — used for Roth IRA eligibility, the student loan interest deduction, and IRMAA — adds back certain deductions to AGI and may differ from the figure this calculator shows. For MAGI calculations, refer to the specific instructions for the benefit you are evaluating.
AGI terms defined
About this adjusted gross income calculator
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