<p>Questions 82,83 and 38 ask about earnings among parents and student. Does it ask for the NET earned income? meaning the pay minus all the deductions?</p>
<p>I am asking that because there is also a question asking about adjusted gross income...</p>
<p>nope -- earned income is total gross income (before any deductions).</p>
<p>than what the hell is adjusted gross income? lol</p>
<p>Adjusted gross income is what you come up with on the last line on the first page of your tax form. It is earned income plus investment income and all other income minus a few things the government lets you deduct off the top.</p>
<p>So my parents' only income is from their jobs...so their adjusted gross income would be just adding their gross incomes at their jobs?</p>
<p>(Damn, thats why I would never go into business lol)</p>
<p>"so their adjusted gross income would be just adding their gross incomes at their jobs?"</p>
<p>No. Their adjusted gross income is what they put into the last box of the first page of their tax returns, where it says "Adjusted Gross Income". It will probably be less than the sum of their gross wages, unless they have investment income.</p>
<p>You won't know precisely what this number is until after their '07 taxes are done, probably in a couple months. So you estimate for now, and correct it online later.</p>
<p>If they have any bank savings account or investment account, AGI also includes income on those . And if they got a state income tax refund during 2007 it gets added into 2008 income. You'll get info on any of that during the month of January when tax forms are mailed out. Official wage income is on "W-2" forms and official investment income on "1099" forms.</p>