The Federal Tax Detail report can be found in the Spending Overview report. This worksheet can give you a broad overview of the federal tax calculations and tax brackets that lead to Net Tax.
What follows are notes or explanations for each of the columns in this report.
Adjusted Gross Income
The AGI includes the real value of the total nominal return on regular assets, earned income, and adjustments. Note that it includes the nominal return, not the real return, since you are taxed on total nominal return.
For example, if you had $10,000 in regular assets, a nominal rate of return of 6%, and inflation of 4%, then your total nominal return that is included in AGI will be $600. But since you live on real return, only $192 will be included in Total Income report in the Regular Asset Income column.
All numbers in all reports are in real, current-year dollars.
Exemption
As current tax law is written, after December 31, 2025, the 2017 Tax Cuts and Jobs Act will revert back to the user of exemption deduction that was eliminated in the TCJA. If you choose "current tax law" in Settings > Taxes, you may see this column populate in 2026 and beyond if applicable.
It's not uncommon to observe an AGI amount that is greater than the total income. This is because total income includes any real (net of inflation) earnings. The AGI, on the other hand, accounts for the full nominal return including ordinary income and capital gains.
For more detail on federal taxes, see the Year at a Glance report and drill down in any given year to view the components that make up AGI.
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