How to Find Prior Year’s Adjusted Gross Income (AGI): A Comprehensive Guide

So, you need to find your Adjusted Gross Income (AGI) from a previous year? Don’t worry; you’re not alone! It’s a common requirement for various financial applications, from student loan repayment plans to applying for certain tax credits. Finding it is usually straightforward if you know where to look. The quickest way to find your prior year’s AGI is to locate your tax return for that specific year. It’s prominently displayed on Form 1040.

Understanding Adjusted Gross Income (AGI)

Before diving into the “how,” let’s quickly recap what AGI is. Adjusted Gross Income is your gross income (total income from all sources) minus certain above-the-line deductions. These deductions include things like contributions to traditional IRA accounts, student loan interest payments, and health savings account (HSA) contributions. AGI is a crucial figure because it’s often used to determine eligibility for various tax credits and deductions. Think of it as a stepping stone in the tax calculation process.

Locating Your Prior Year’s AGI

Here are several methods for finding your AGI, ranging from the easiest to those requiring a bit more digging:

Method 1: Your Tax Return (The Easiest Route)

• Locate your Form 1040: This is the primary document you filed with the IRS. If you prepared your taxes yourself, you likely have a copy stored digitally or physically. If a tax professional prepared your taxes, they should have provided you with a copy.
• Find the AGI Line: The specific line number for AGI can vary slightly depending on the year, but it’s typically found near the bottom of the first page of Form 1040. Look for a line labeled “Adjusted Gross Income” or something similar, followed by a specific line number. For example, on the 2022 Form 1040, AGI is on line 11.
• Record the Amount: Jot down the dollar amount listed on that line. That’s your AGI!

Method 2: Tax Preparation Software

If you used tax preparation software (like TurboTax, H&R Block, or TaxAct) to file your taxes, the software should have a record of your prior year’s return.

• Log into your Account: Access your account with the tax preparation software you used.
• Navigate to your Prior Year’s Return: Most software programs have a section dedicated to storing past returns. Look for a tab or link labeled “Prior Years,” “Tax Returns,” or something similar.
• Find the AGI: Once you’ve located your prior year’s return within the software, the AGI should be clearly displayed, just as it is on Form 1040.

Method 3: IRS Online Account

The IRS offers an online account where you can access your tax records. This is a reliable and official source for your AGI.

• Create or Log into your IRS Account: Visit the IRS website and create an account or log into your existing account. You’ll need to verify your identity to access your records.
• Access your Tax Records: Once logged in, navigate to the section where you can view your tax records, such as “Tax Records” or “Get Transcript.”
• Request a Tax Transcript: You can request a tax transcript for the year you need. There are different types of transcripts, but the “Tax Return Transcript” is the one that contains your AGI.
• Download or View the Transcript: Once the transcript is available, you can download it or view it online. The AGI will be listed on the transcript.

Method 4: Requesting a Transcript by Mail

If you prefer a paper copy or can’t access the online portal, you can request a tax transcript by mail.

• Use Form 4506-T: Download Form 4506-T from the IRS website. This form is used to request a transcript of your tax return.
• Complete the Form: Fill out the form carefully, providing the necessary information, including your name, address, Social Security number, and the tax year you need. Make sure to select the “Tax Return Transcript” option.
• Mail the Form: Mail the completed form to the address listed on the form for your state.
• Wait for the Transcript: The IRS will mail the transcript to you within a few weeks.

Method 5: Contacting the IRS (Last Resort)

Contacting the IRS directly should be your last resort, as wait times can be long.

• Call the IRS: Call the IRS help line. Be prepared for a potentially long wait.
• Verify your Identity: The IRS representative will need to verify your identity before providing any information.
• Request your AGI: Once your identity is verified, you can request your AGI from the prior year.

Why You Might Need Your Prior Year’s AGI

Understanding why you need your AGI can help you prioritize finding it:

• Student Loan Repayment Plans: Income-driven repayment plans for federal student loans often require your AGI to determine your monthly payment.
• Tax Credits and Deductions: Many tax credits and deductions have income limitations based on your AGI.
• Identity Verification: Sometimes, your prior year’s AGI is used to verify your identity when filing your taxes electronically.
• Mortgage Applications: Some mortgage lenders may request your prior year’s AGI as part of the application process.

Frequently Asked Questions (FAQs)

Here are some frequently asked questions to further clarify the process:

FAQ 1: What if I can’t find my tax return?

If you’ve misplaced your tax return, your best bet is to obtain a tax transcript from the IRS, either online or by mail. The transcript will contain the key information you need, including your AGI.

FAQ 2: How long does it take to get a tax transcript from the IRS?

The timeline varies depending on the method you use. Online transcripts are typically available immediately. Transcripts requested by mail can take 5 to 10 business days to arrive.

FAQ 3: Is my AGI the same as my taxable income?

No, AGI is not the same as taxable income. AGI is your gross income minus certain deductions. Taxable income is your AGI minus itemized deductions or the standard deduction, plus any qualified business income (QBI) deduction. Taxable income is the income used to calculate your tax liability.

FAQ 4: Can my tax preparer provide my prior year’s AGI?

Yes, if you used a tax preparer in the past, they should have a copy of your tax return and can provide you with your AGI. Contact them directly.

FAQ 5: Is my AGI the same as my gross income?

No, your AGI is almost always lower than your gross income. Gross income is your total income from all sources before any deductions. AGI is calculated by subtracting certain deductions from your gross income.

FAQ 6: I filed an amended tax return. Which AGI should I use?

Use the AGI from the amended tax return (Form 1040-X). This reflects the most accurate and up-to-date information.

FAQ 7: What if I didn’t file taxes in the prior year?

If you weren’t required to file taxes and didn’t file, your AGI is considered to be zero.

FAQ 8: How do I create an IRS online account?

Go to the IRS website and click on “Create an Account.” You’ll need to provide some personal information and go through a verification process to confirm your identity.

FAQ 9: What’s the difference between a tax return transcript and a tax account transcript?

A tax return transcript shows most line items from your original tax return, including your AGI. A tax account transcript provides information about your account, such as payments, penalties, and interest. You’ll need the tax return transcript to find your AGI.

FAQ 10: Can I get my AGI over the phone from the IRS?

Yes, you can get your AGI over the phone, but be prepared for potential wait times and a thorough identity verification process. Having your prior year’s return (if possible) will expedite the process.

FAQ 11: What if I’m applying for a program that requires my AGI but I haven’t filed my taxes yet?

In this case, you might be able to use your AGI from the previous year, but you will need to confirm that option with the relevant program. If the program requires the current year’s AGI, you’ll need to file your taxes first.

FAQ 12: I’m married filing separately. Do I need my spouse’s AGI?

It depends on the specific situation. Some programs might require your spouse’s AGI even if you are filing separately. Check the program’s instructions carefully. Generally, for tax-related items, you would not need your spouse’s AGI if filing separately.

Finding your prior year’s AGI doesn’t have to be a daunting task. By understanding the methods outlined above and utilizing the available resources, you can easily locate the information you need. Remember to start with your own records and, if necessary, leverage the IRS’s online tools or transcript services. Good luck!