Reference

Modified Adjusted Gross Income: This is essentially your total income after certain tax deductions have been subtracted, which the government uses to decide if you qualify for specific tax breaks or benefits. You can think of it as your 'official' income level for tax purposes, adjusted for things like student loan interest or retirement contributions.

The gradual reduction of a tax deduction or benefit as a taxpayer's income increases beyond a certain level.

An expense that can be subtracted from a taxpayer's gross income to reduce the amount of income subject to taxation.

A trade where an investor sells a security at a loss and then buys a substantially identical one shortly before or after, typically done to claim a tax deduction while maintaining the same investment position.