How do I find last year’s AGI? Intuit Turbo Real Money Talk from ttlc.intuit.com
Introduction
If you are preparing your tax return for the first time, you might be wondering what AGI is and how to find it. AGI stands for Adjusted Gross Income, which is an important figure used to determine your tax liability. In this article, we will discuss what AGI is, why it is important, and how to find it on your tax return.
What is AGI?
AGI is the total income you earn in a year minus specific deductions. It is the income that the Internal Revenue Service (IRS) uses to determine your tax liability. Your AGI is calculated after you have deducted your allowable deductions from your gross income. Deductions can include contributions to tax-deferred retirement accounts, student loan interest, and alimony payments.
Why is AGI important?
Your AGI is used to determine your eligibility for certain tax credits and deductions. It is also used to calculate the amount of tax you owe. The lower your AGI, the lower your tax liability will be. Therefore, it is important to know your AGI when filling out your tax return.
How to Find AGI on Your Tax Return
There are a few ways to find your AGI on your tax return. The easiest way is to look at line 11 on your Form 1040. This is your Adjusted Gross Income. If you filed a different form, such as a 1040A or 1040EZ, your AGI will be on a different line.
Form 1040
If you filed a Form 1040, your AGI is on line 11. This line is labeled "Adjusted Gross Income." You can also find your AGI on line 37 if you filed a previous year's tax return and are using it to complete your current year's tax return.
Form 1040A
If you filed a Form 1040A, your AGI is on line 21. This line is labeled "Adjusted Gross Income."
Form 1040EZ
If you filed a Form 1040EZ, your AGI is on line 4. This line is labeled "Adjusted Gross Income."
Conclusion
Knowing your AGI is important when preparing your tax return. It is used to calculate your tax liability, determine eligibility for tax credits and deductions, and more. You can easily find your AGI by looking at line 11 on your Form 1040, line 21 on your Form 1040A, or line 4 on your Form 1040EZ. Remember to keep your tax return documents in a safe place for future reference.