gross income

Furthermore, medical expenses must exceed 7.5% of your adjusted gross income to be deductible, notes Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting.

For instance, a family of four would qualify with a total annual gross income of $48,400 or less.

Mr. Biden’s earnings proved more modest than the early hype had suggested: He reported $130,984 in gross income from art sales during the first two tax years that he was represented by the gallery, according to his tax returns from those years.

Their federal gross income in 2023 was nearly 7 percent higher than the $580,000 they reported in 2022, largely a result of increased taxable interest income this year stemming from higher interest rates.

Students and parents should check the rules for dependent filing and determine if the student is required to file their own return based on their gross income, says Kathy Pickering, chief tax officer at H&R Block.