Where to Find AGI on Your Tax Return

Adjusted Gross Income (AGI) is a foundational figure in personal finance and tax planning. It represents a taxpayer’s income after accounting for specific deductions, serving as a benchmark for various financial calculations. Understanding AGI, its location on a tax return, and its significance helps individuals navigate their financial landscape. This article clarifies these aspects.

Understanding Adjusted Gross Income

Adjusted Gross Income (AGI) is a taxpayer’s total gross income minus certain specific deductions, often called “above-the-line” deductions. It is an intermediate step in calculating taxable income, positioned between total income and the final taxable amount. Gross income includes nearly all money received, such as wages, salaries, tips, interest, dividends, capital gains, business income, and retirement distributions.

Taxpayers subtract allowable adjustments from gross income to arrive at AGI. Common examples include contributions to a traditional Individual Retirement Arrangement (IRA), deductions for student loan interest, certain self-employment tax deductions, and contributions to a Health Savings Account (HSA). These subtractions reduce the income subject to further tax calculations, potentially lowering an individual’s tax burden. AGI is distinct from Modified Adjusted Gross Income (MAGI), which is AGI with certain deductions added back and used for specific eligibility tests.

Locating AGI on Your Tax Return

Finding your Adjusted Gross Income (AGI) on your federal tax return is straightforward, as it is prominently displayed on Form 1040. For current tax years, including 2022 through 2024, your AGI is reported on Line 11 of Form 1040. This line is typically found on the first page of the form.

Tax preparation software and professional tax preparers automatically calculate and populate this figure. If you need to reference a prior year’s AGI, such as for identity verification when e-filing, you can find it on Line 11 for tax years 2020 through 2024. For earlier tax years, AGI was on different lines, such as Line 8b for 2019 or Line 7 for 2018. Accessing a copy of your previous year’s tax return or requesting a tax transcript from the IRS can provide this information.

The Importance of AGI

Adjusted Gross Income (AGI) influences eligibility for a wide array of tax deductions, credits, and other financial programs. Its significance extends beyond determining taxable income, acting as a gatekeeper for various tax benefits. A lower AGI generally translates to increased eligibility for these benefits, which can lead to a reduced tax liability or a larger refund.

AGI directly impacts the deductibility of medical expenses; only amounts exceeding 7.5% of AGI are typically deductible. Cash charitable contributions are generally limited to 60% of AGI. AGI also determines eligibility for various tax credits, such as the Child Tax Credit, which phases out for single filers with a Modified Adjusted Gross Income (MAGI) over $200,000 and for married couples filing jointly with a MAGI over $400,000. The Earned Income Tax Credit (EITC) also has AGI-based income limits that determine qualification and the maximum credit amount. AGI establishes income limits for Roth IRA contributions and affects eligibility for certain student loan repayment plans.