Your Adjusted Gross Income (AGI) is key to determining your tax obligations, eligibility for credits, and financial standing. It’s essential to understand how to find your AGI for tax filing, financial aid applications, or to assess your financial health.
What is AGI?
AGI is your total income from all sources, minus deductions allowed by the IRS. It includes wages, dividends, and capital gains. Short-term and long-term capital gains affect your AGI, influencing your taxable income. If you’re filing jointly, your spouse’s AGI will also factor into the overall figure.
How to Find Your AGI
Check Line 11 on your Form 1040. This is where your AGI appears, whether you filed individually or jointly. The same applies to previous years—look for the AGI on Line 11.
Spouse’s AGI on Form 1040
For joint filers, the AGI on Line 11 combines both incomes. If you need to see your spouse’s specific AGI, you can refer to the income breakdown in the tax return.
Are Capital Gains Included in AGI?
Yes, capital gains—both long-term and short-term—are included in your AGI. While long-term capital gains are taxed at a lower rate, they still affect your total AGI and may impact your eligibility for certain credits.
AGI and Salary
Your salary is a major component of your AGI. However, other income sources, like investment income or rental income, also contribute.
How to Find Your AGI from Last Year
If you need your AGI from a previous year:
- Check Line 11 on your old Form 1040.
- Request a Tax Return Transcript from the IRS online or by mail.
How to Find Individual AGI on Joint Return
For joint returns, your AGI on Line 11 is a combined figure. To find each individual’s AGI, refer to the income breakdown or consult a tax professional.
Conclusion
Your AGI is a crucial figure for taxes and financial decisions. By checking Form 1040 and using IRS tools, you can easily find your AGI. If unsure, a tax professional can help you navigate your unique situation.
