Where Can You Find Your Adjusted Gross Income?

Adjusted Gross Income (AGI) is a foundational figure in personal finance and taxation. It represents a taxpayer’s total income reduced by specific deductions. This number serves as a critical stepping stone in determining your final tax liability. Understanding AGI is important for accurately filing tax returns and planning your financial future.

AGI is not merely an accounting term; it directly influences eligibility for various tax benefits. It streamlines the tax calculation process by consolidating income and certain deductions into a single, comprehensive figure. Knowing where to locate and understand your AGI helps you navigate the tax system.

Understanding Adjusted Gross Income

Adjusted Gross Income (AGI) is a key calculation for determining a taxpayer’s taxable income. It begins with your gross income, which encompasses nearly all income you receive from any source. This includes wages, salaries, tips, interest earnings, dividend payments, business profits, capital gains from investments, rental income, and retirement distributions.

From this total gross income, specific deductions, often called “above-the-line” deductions, are subtracted to arrive at AGI. These deductions reduce your income before other itemized or standard deductions are considered. Common examples of these adjustments include contributions to traditional Individual Retirement Arrangements (IRAs) and Health Savings Accounts (HSAs).

Other above-the-line deductions can include student loan interest paid, certain self-employment taxes, and alimony paid for divorce or separation agreements executed before 2019. This AGI figure provides a preliminary income figure used as a baseline for various other tax computations.

Locating AGI on Your Tax Forms

Finding your Adjusted Gross Income (AGI) on your tax forms is a straightforward process. For the 2024 tax year, your AGI is reported on Line 11 of Form 1040, Form 1040-SR, and Form 1040-NR. This line number has remained consistent for tax years 2020 through 2024.

If you are looking for AGI on older tax returns, the line number may vary; for instance, it was on Line 8b for the 2019 tax year and Line 7 for 2018. When filing electronically, the Internal Revenue Service (IRS) often requests your prior year’s AGI for identity verification. You can access your tax forms through the tax software you used or by logging into your account to download a copy.

If you do not have a copy of a previous year’s tax return, you can obtain an official tax transcript directly from the IRS. The IRS offers an online tool called “Get Transcript Online” or you can request one by mail. These transcripts will provide your AGI.

Why AGI Matters

Adjusted Gross Income (AGI) is important because it determines eligibility for numerous tax credits, deductions, and financial programs. A lower AGI can often lead to greater tax benefits, reducing your overall tax liability.

AGI limits apply to various tax credits, such as the Child Tax Credit, the Earned Income Tax Credit, and education credits like the American Opportunity Tax Credit. Eligibility for certain itemized deductions, such as medical expense deductions, is also tied to AGI. Taxpayers can only deduct medical expenses exceeding 7.5% of their AGI.

AGI can also impact eligibility for certain retirement savings contributions, such as Roth IRA contributions, and the deductibility of traditional IRA contributions if you are covered by a retirement plan at work. The income phase-out ranges for these benefits are directly linked to your AGI. Understanding and accurately calculating your AGI helps optimize your tax position.