Where Can I Find Adjusted Gross Income?

Adjusted Gross Income, commonly known as AGI, is a foundational figure in the United States tax system. It represents a taxpayer’s gross income reduced by certain specific deductions, often referred to as “above-the-line” deductions. This amount serves as a baseline for determining tax liabilities and eligibility for various tax credits and deductions.

Locating AGI on Federal Tax Forms

Taxpayers can readily find their Adjusted Gross Income on their federal income tax return, specifically on Form 1040. For the 2023 tax year, your AGI is reported on Line 11 of Form 1040. This prominent placement makes it straightforward for individuals to identify this important financial figure after completing their tax return.

To locate your AGI, retrieve your filed Form 1040 from the relevant tax year. Navigate directly to Line 11, which is clearly labeled “Adjusted Gross Income.” The numerical value entered on this line is your AGI for that tax period. This figure is critical for various financial applications beyond just tax filing.

Key Documents for AGI

Compiling necessary documents is the initial step for calculating your AGI. These documents provide data for your income and qualifying deductions. Common income statements include Form W-2, issued by employers, which details wages, salaries, and tips. For independent contractors or self-employed individuals, Form 1099-NEC reports nonemployee compensation.

Other crucial income documents include Form 1099-INT for interest income received from banks and financial institutions, and Form 1099-DIV for dividends and distributions from corporations and mutual funds. If you received distributions from retirement plans, annuities, or IRAs, Form 1099-R will provide this information. Individuals involved in partnerships or S corporations will receive a Schedule K-1, detailing their share of income, deductions, and credits.

Beyond income, certain documents support above-the-line deductions that reduce gross income to AGI. These might include statements showing student loan interest paid, often reported on Form 1098-E. Records of self-employment tax payments, particularly the deductible portion, and contributions to a Health Savings Account (HSA), typically found on Form 5498-SA, are also relevant.

Calculating Your AGI

Calculating your Adjusted Gross Income involves a straightforward formula: Gross Income minus Above-the-Line Deductions equals AGI. Gross income encompasses all taxable income received during the year from various sources. This includes wages, salaries, and tips, as well as taxable interest, ordinary dividends, and capital gains from investments.

Other forms of gross income include business income, such as profits from a sole proprietorship, and rental income from properties. Pension and annuity income, as well as distributions from retirement accounts, also contribute to gross income. All these income streams are aggregated before any adjustments are applied.

Once gross income is determined, specific “above-the-line” deductions are subtracted to arrive at AGI. These adjustments to income reduce your taxable income directly. Common examples include educator expenses, certain business expenses for reservists, performing artists, and fee-basis government officials, and contributions to a Health Savings Account (HSA). The deductible portion of self-employment tax also falls into this category, along with penalties for early withdrawal of savings from certificates of deposit.

For divorce or separation agreements executed before 2019, alimony paid may also be an above-the-line deduction. Contributions to traditional Individual Retirement Arrangements (IRAs) are deductible up to certain limits, reducing gross income. Finally, the student loan interest deduction further lowers gross income. These deductions are applied before any standard or itemized deductions, directly impacting your AGI.