Where exactly do I find my net income on the Federal Income Tax Return form 1040

Asked almost 4 years ago - Tucson, AZ

I'm supposed to give my net income as stated on the Federal Income Tax Return form for an affidavit for additional insurance/assets. I'm not completely sure what exactly is considered my net income. Is it the same as the taxable income??? Thanks for any answers....

Attorney answers (3)

  1. Charles Edward Mcwilliams Jr.

    Contributor Level 14

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    Lawyer agrees

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    Answered . There is no such thing as "net income" on Form 1040. Call the insurance company and see if they want your AGI (adjusted gross income, line 37) or taxable income (line 43). I would guess they're looking for your AGI, but that's just a guess.

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  2. Ayuban Antonio Tomas

    Pro

    Contributor Level 20

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    Lawyer agrees

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    Answered . It sounds like what they meant to ask you was for your adjusted gross income. There is no "net income" line on a form 1040.

    THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can only be provided after consultation by an attorney licensed in your jurisdiction. Answering this question does not create an attorney-client relationship or otherwise require further consultation.

  3. Henry Daniel Lively

    Contributor Level 20

    Answered . I agree with the other attorney, unless you have a business. Then the concept of net income is your revenue from the business, less the expenses. This would be found on the bottom line of your schedule C or business tax return.

    Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.

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