How to Calculate AGI for a Previous Year
If you need to obtain your Adjusted Gross Income (AGI) for a previous tax year, but you never filed a tax return or can't locate a copy of it, there is no need for concern since you can recalculate it rather quickly. Although your AGI is likely to change each year, the Internal Revenue Service (IRS) always calculates it in the same way as your gross income, minus the deductions you claim as adjustments to income.
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Instructions
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Obtain IRS tax forms for previous year. When calculating your AGI for a previous tax year, it's essential that you use the tax return form and instructions for that specific tax year. The IRS website maintains a database of all prior year tax forms and their respective instructions that you can download and print.
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Calculate your total gross income. If you have access to your W-2 for the previous tax year, you can transfer the gross employment wages it reports on the first line in the income section of the return. If you are self-employed as an independent contractor, your 1099 forms will provide the same information. However, you must still report income you earn that isn't specifically exempt from tax in the gross income section of your return, even if you don't receive a 1099 or W-2 for it.
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Claim adjustments to income. The adjustments to income deductions are only available to taxpayers who file a Form 1040 or 1040-A. Therefore, if you file your return using a 1040-EZ, there are no adjustments you can take and your AGI will equal your gross income. Although the deductions available depend on the tax year, adjustments commonly include the moving expense deduction, half of the self-employment taxes you pay and the student loan interest deduction.
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Subtract adjustments from gross income. Once you finish reporting your income and claiming adjustments to income, calculating your AGI only requires some simple math. Subtract the total of your deductions from your gross income to arrive at your AGI.
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Tips & Warnings
It is beneficial to evaluate your eligibility to claim some of the adjustments to income before deciding to calculate your AGI on a 1040-EZ without them. This is because as your AGI decreases, the less tax you will pay.
You may receive a number of other 1099 forms that don't relate to income you earn as an independent contractor, such as interest earnings from a bank account, dividends you receive from corporate stock or even taxable distributions from your pension. You must include these earnings in gross income; otherwise, your AGI calculation will be inaccurate.
