How to Find Prior AGI Easily ?
The adjusted gross income or AGI is used as the basis for lots of things, like calculating your stimulus check or tax liability when you file your income tax return. The AGI is also often used for Â computing certain taxÂ credits and deductions allowable to you. Most current example of use of AGI is from IRS FAQ on economic impact payments
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
How to find yourÂ last yearâs AGI?Â
- Simply look at the printed copy of last yearâs return to find your adjusted gross income.Â Go to page 2, line 7 of your Form 1040 for tax year 2018 or in case you get tax return for tax year 2019Â , refer Line 8b on Form 1040 (or 1040-SR).Â Â
- If you are overÂ age 16 and filing your first return, you can enter zeroÂ forÂ your Aggregate Gross Income ( AGI.Â )
How to get your AGI if you donât have my prior year return?Â Â
In case ,you do not have last yearâs tax return,Â you can apply for a copy of transcript from the IRS.Â Read How to Get Tax Return Transcript from IRS ? Once you get the transcript, you get your AGI. In case , you have not filed the tax return, you will have to compute the AGI by filling out tax return for prior year. You can also file this newly filled return for prior year in paper form because the prior years return can not be filed electronically .Â
How do I calculate my AGI?
Form 1040 is best to figure out what your AGIÂ is.Whatever you earned for the year, including wages, dividends, capital gains, retirement distributions, and so on are your taxable income . These amounts should be added . Once youâve added up all these you will have to subtract any âadjustment to incomeâ amounts that you have. These adjustments include:Â Â
- educator expensesÂ
- health savings account deductionsÂ
- a portion of theÂ self-employment taxÂ
- self-employed health insuranceÂ
- penalties for early withdrawals from savingsÂ
- alimony paid for pre-2019 divorcesÂ
- student loan interestÂ
- IRA contributions
- unreimbursed moving expenses for military service membersÂ Â
Video on AGI
Â This is excellent video from turbotax