Gross Income
Definition
The total of all income you receive during the year from all sources before any deductions or adjustments. This includes wages, salaries, tips, interest, dividends, business income, rental income, alimony received (for pre-2019 agreements), capital gains, and retirement distributions. It does not include tax-exempt income like certain municipal bond interest or gifts.
Example
If you earn $60,000 in salary, $500 in bank interest, $2,000 in freelance work, and $1,000 in stock dividends, your gross income is $63,500.
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