Is Your AGI on Your W-2? Here’s How to Find It

Understanding your tax documents and financial terms like Adjusted Gross Income (AGI) is important for accurate tax filing and effective financial planning. Knowing where to locate or calculate your AGI helps navigate your financial obligations.

Understanding Adjusted Gross Income

Adjusted Gross Income (AGI) is a central figure in personal finance and tax computations. It represents your total gross income from all taxable sources, reduced by specific deductions allowed by the Internal Revenue Service (IRS). Your AGI is a benchmark used to determine eligibility for various tax credits, deductions, and other financial benefits that can reduce your overall tax liability.

For instance, AGI impacts eligibility for education credits, retirement savings contribution credits, or student loan interest deductions. A lower AGI can lead to increased eligibility for these tax advantages, potentially resulting in a smaller tax bill or a larger refund. This figure is also considered in other financial situations, such as applications for loans or certain government programs.

Understanding Form W-2

Form W-2, officially known as the Wage and Tax Statement, is a document employers issue to their employees annually. This form reports the employee’s yearly wages and the amount of taxes withheld from their paychecks. Employers must send W-2 forms by January 31st each year, providing employees with the information needed to file their federal and state income tax returns.

The W-2 contains several boxes detailing financial information. Box 1, “Wages, tips, other compensation,” shows your total taxable wages for federal income tax purposes, including salary, bonuses, and taxable fringe benefits. Box 2 indicates the federal income tax withheld from your earnings throughout the year. Boxes 3 and 5 report Social Security wages and Medicare wages, respectively, while Boxes 4 and 6 show the Social Security and Medicare taxes withheld.

W-2 and Your Adjusted Gross Income

Adjusted Gross Income (AGI) is not directly reported on a Form W-2. This is because the W-2 solely reports income and withholdings from a single employer. AGI, by contrast, is a comprehensive figure that accounts for all sources of income, not just employment wages. It also considers specific “above-the-line” deductions that are subtracted from your total income.

While your W-2 provides a foundational component for calculating AGI, specifically the wages listed in Box 1, it does not include other types of income you might have, such as interest, dividends, or self-employment earnings. The W-2 also does not reflect the various deductions that contribute to lowering your gross income to arrive at your AGI. Therefore, the W-2 serves as a starting point, but it is not the final AGI figure itself.

Determining Your Adjusted Gross Income

To find your Adjusted Gross Income from a previous tax year, refer to your prior year’s federal income tax return, typically Form 1040. For tax years 2020 through 2024, your AGI is on Line 11 of Form 1040, Form 1040-SR, or Form 1040-NR. If you filed using tax preparation software, you can usually log into your account and access a PDF copy of your past return. If you do not have a copy, you can request a tax transcript directly from the IRS online or by mail.

For the current tax year, calculating your AGI begins with your total gross income, which includes all taxable earnings such as wages from your W-2 (Box 1), income from various Form 1099s (like interest, dividends, or unemployment benefits), and any business or rental income. From this total, subtract specific “above-the-line” deductions. These deductions, also known as adjustments to income, can include contributions to a traditional Individual Retirement Arrangement (IRA), student loan interest payments, Health Savings Account (HSA) contributions, educator expenses, and certain self-employment tax deductions. Your tax software will perform this calculation once all income and deduction information is entered.