AGI is a tax term that stands for adjusted gross income. Your adjusted gross income is the basis for many things, like calculating your tax bill when you file your income tax return. It also decides how much you can claim for certain tax credits and deductions.
For example, you can deduct up to 10% of your AGI for unreimbursed medical expenses and up to 60% of your AGI for charitable donations. In some cases, your AGI could even be used to determine your eligibility for benefits issued by the U.S. government.
You can find your AGI on line 11 of Form 1040. However, if you’re filing your tax return online, you will need to access your prior year AGI to verify your identity.
Where to find your AGI
You can find your current year AGI on Line 11 of your 1040, 1040-R, or 1040-SR. It’s important to know your AGI because it helps calculate your tax bill and determine your eligibility for certain credits and deductions.
Your AGI changes each year according to the income adjustments you claim, these include student loan interest you may have paid, retirement contributions, health insurance premiums and more.
How to get your AGI from last year
For tax years 2020, 2021, 2022, and 2023 your AGI is calculated on page 1, line 11 of your Form 1040 or 1040-SR. Simply look at the printed copy of last year’s return to find your adjusted gross income. If you filed with TaxSlayer, you can also log in to My Account to view this info on your prior year’s return.
When you return to TaxSlayer to file your tax return each year, your AGI is pulled forward and entered on to your current tax form.
How can I find my AGI if I don’t have my prior year return?
If you do not have last year’s tax return, you can get a copy of your transcript from the IRS. Start by visiting the IRS website. From there, you have two options:
- Use the Get Transcript Online tool to view your AGI.
- Use Get Transcript by Mail or call 800-908-9946 to request a Return Transcript. Allow 5 to 10 days for delivery.
If you didn’t file your taxes last year and need to, use TaxSlayer to file a prior year return. The information you provide will be entered into the forms, and the calculations will be done for you.
How do I calculate my AGI?
When you file with TaxSlayer, the calculation is done for you. This is one of the major benefits of filing your taxes online. If you file your return on paper, you will calculate your AGI using Form 1040.
To determine your AGI, you’ll want to find your gross income first. That’s anything you earned for the year, including wages, dividends, capital gains, retirement distributions, etc. These amounts are added together on Form 1040.
If you’re married filing jointly, calculating your AGI is a little different, since you’re factoring in two incomes. Read Calculating Your Adjusted Gross Income when Married for more details.
Once you’ve added up all these and found your total, you will subtract any “adjustment to income” amounts that you have. These include:
- Educator expenses
- Health savings account deductions
- Unreimbursed moving expenses for military service members
- A portion of the self-employment tax
- Self-employed health insurance
- Penalties for early withdrawals from savings
- Alimony paid for pre-2019 divorces
- Student loan interest
- IRA contributions
What is an example of AGI?
Your AGI should almost always be lower than your gross income. It is never more than your gross income. To find your AGI, you will add up your income and subtract your adjustments to income. Here is an example:
Liane is an elementary school teacher. She works weekends as a barista. Her base salary from the school is $32,000 annually, and she gets $10,000 from her second job. Her gross income for the year is $42,000. $32,000 + $10,000 = $42,000 gross income.
Liane also has student loans; the interest she paid this year equals $1,320. Because she works as a teacher, she qualifies for the educator expense deduction worth $250. She can write off a total of $1,570 for adjustments to income.
Gross income – Adjustments to income = Adjusted Gross Income (AGI)
$42,000 – $1,570 = $40,430
Liane’s AGI is $40,430.
When you file your taxes with TaxSlayer, calculations like this are done for you. Simply enter your income and expense information for the year and let the software do the work. Plus, you’ll never lose track of important data – like your AGI – because it’s all stored securely in your online account.
Adjusted gross income FAQs
Do you have more questions about calculating your AGI? We’ve gathered some frequently asked questions from our customers!
What is my prior year AGI if I’ve never filed my taxes before?
If you are over 16 years old and filing your first return, enter zero for your AGI.
Read also: Taxes for Teens: A Beginner’s Guide
How do I figure out what my AGI is?
You can figure out your AGI with this calculation:
Gross income – Adjustments to income = Adjusted Gross Income (AGI)
Filing with TaxSlayer makes calculations like this as simple as entering your information. File fearlessly knowing your tax return is 100% accurate – start for free!
What should I do if my AGI is incorrect?
If your AGI is incorrect, the IRS will reject your return, giving you another opportunity to look closer at your return and correct any mistakes that were made.
Can I find my AGI number over the phone?
No, for security reasons, you cannot get your AGI over the phone. To find your AGI, check your prior year return, use the calculation provided in this section, or log in to your IRS account.
Can I find my AGI on my W-2?
You can’t find your AGI on your W-2. Use Form 1040 to calculate your AGI for the current tax year.
Is your AGI the same as your taxable income?
No, your AGI includes your gross income minus any deductions you claim or interest paid throughout the year.
