Gross-Income Test

Filed Under » ,
Dictionary Says

Definition of 'Gross-Income Test'

One of the five necessary tests that dependents must pass before they can be claimed as such in the U.S. The gross-income test mandates that dependents cannot earn more than a certain amount each year. This test only applies to potential dependents that are over the age of 18 (or 23 if he or she is a full-time student).
Investopedia Says

Investopedia explains 'Gross-Income Test'

The amount that a potential dependent can earn is indexed for inflation each year. For 2008, the limit was $3,500, equal to the dependency exemption amount. If this criterion is met, the other four tests for dependency are then applied.
Search results for

'Gross-Income Test'

  • How To Claim A Dependent On Your Tax Return

    http://www.investopedia.com/articles/tax/09/claim-a-dependent.asp
    ... local law. Gross-Income Test: The dependent's income cannot be above a
    certain amount. In 2011, that amount was $3,700. Support ...

  • Deducting Disaster: Casualty And Theft Losses

    http://www.investopedia.com/articles/taxes/08/itemized-deduction.asp
    ... per institution and are also subject to the 2% adjusted gross income (AGI) threshold ...
    pertaining to trees and shrubs must meet the sudden-event test, although in ...

  • How To Qualify For The Home-Office Tax Deduction

    http://www.investopedia.com/articles/pf/08/home-office-tax-deduction.asp
    ... To complete this "income" test you must make sure that the total ... other unreimbursed
    employee expenses and must exceed a 2% adjusted-gross-income threshold in ...

  • Taxing Times For Divorced Parents

    http://www.investopedia.com/articles/pf/08/dependent-tax-credits.asp
    ... she shares with the new spouse will count in the support test calculation. ... from a
    tax perspective, the spouse with the highest adjusted gross income (AGI) will ...

  • Traditional IRA Deductibility Limits For 2011

    http://www.investopedia.com/articles/retirement/03/011603.asp
    ... Tax Filing Status, Active Participant Status, Modified Adjusted Gross Income, Deduction
    Allowed. ... Up to 60 of the questions on this test are case studies. ...

  • Should You Convert To A Roth IRA In 2010?

    http://www.investopedia.com/articles/retirement/06/tiprasavings.asp
    ... of you who could not complete Roth conversions because your modified adjusted gross
    income (MAGI) income ... Up to 60 of the questions on this test are case studies ...

  • Income Relating: A New Concept In Medicare

    http://www.investopedia.com/articles/retirement/07/income-relating.asp
    ... I've just made a preliminary assessment of your modified adjusted gross income
    (MAGI) for ... on the 1040, it is specifically included in the MAGI test for Part B ...

  • How To Cut Your Alternative Minimum Tax

    http://www.investopedia.com/articles/pf/07/amtbasics.asp
    ... AMT One way to minimize the AMT is to reduce your adjusted gross income (AGI ... While
    you're there, test drive the IRS's new "AMT Assistant" tool, which will help ...

  • Roth, 401(k), 403(b): Which Is Right For You?

    http://www.investopedia.com/articles/retirement/06/addroths.asp
    ... and Reconciliation Act (TIPRA) eliminated the $100,000 modified adjusted gross income
    (MAGI) cap for ... Up to 60 of the questions on this test are case studies. ...

  • Tips On How To Use IRAs To Boost Retirement Savings

    http://www.investopedia.com/articles/retirement/02/101602.asp
    ... can maximize annual contributions to your Roth IRA only if your modified adjusted
    gross income is less ... Up to 60 of the questions on this test are case studies. ...

Related Articles

Bank Rates
Product Today Last Wk
$10K MMA 0.50% 0.51%
MMA 0.45% 0.46%
6 Month CD 0.46% 0.47%
1 Year CD 0.70% 0.75%
5 Year CD 1.46% 1.46%
1 Year Jumbo CD 0.66% 0.67%
Rate data provided by Bankrate
Product Today Last Wk
$30K HELOC 4.59% 4.60%
$30K Home Equity Loan 5.74% 5.77%
$50K Home Equity Loan 5.45% 5.50%
$50K HELOC 4.24% 4.24%
$100K Home Equity Loan 5.41% 5.46%
$100K HELOC 4.13% 4.13%
Rate data provided by Bankrate
Product Today Last Wk
30 Year Fixed 3.80% 3.80%
15 Year Fixed 3.09% 3.11%
1 Year ARM 3.54% 3.53%
30 Year Fixed Jumbo 4.38% 4.38%
5/1 ARM 2.65% 2.69%
3/1 ARM 2.69% 2.69%
Rate data provided by Bankrate
Product Today Last Wk
60 Month Used Car Loan 4.51% 4.51%
48 Month Used Car Loan 4.35% 4.35%
48 Month New Car Loan 3.24% 3.24%
36 Month Used Car Loan 4.34% 4.36%
36 Month New Car Loan 3.11% 3.13%
60 Month New Car Loan 3.35% 3.34%
Rate data provided by Bankrate
Partner Links