How to Find Your AGI
To determine your adjusted gross income, or AGI, fill out part of federal tax Form 1040. Enter your income and any adjustments to that income on lines 7 through 37 on the Form. The result will reveal your AGI, which becomes part of a calculation to determine your tax liability.
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Instructions
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Enter your wages, salaries and tips on line 7 of Form 1040. These can generally be taken from your W-2s. On lines 8 and 9, enter your taxable and nontaxable interest income as well as any dividend income you received during the tax year. These should be available from any 1099 forms you may have received. If you received a state income tax refund during the prior year, include that amount on line 10. You can find that information on your prior year's state income tax return.
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Insert any alimony you received on line 11. Include the profit (or loss) you incurred from the operation of a business on line 12. If you realized capital gains (or losses) through the sale of stock or other investments, enter those amounts on lines 13 and 14. Capital gains and losses should also be reported to you on a 1099 Form.
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Place the dollar amount of any IRA distributions and pension payments you took during the tax year on line 16a and 16b. If you received income (or incurred losses) from rental property or farming, enter those totals on the next two lines. If you collected unemployment insurance payments or Social Security benefits, place the total income from those sources on lines 19 and 20. Note other miscellaneous income on line 21. Add lines 7 through 21 and place your total income on line 22.
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Begin to calculate your AGI by making income adjustments on lines 23 through 37 of Form 1040. Enter any educator expenses you incurred on line 23 and place your business related expenditures on line 24. If you contributed to a health savings account (HSA), include that total on line 25 and insert qualified moving expenses on line 26.
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Deduct half of the amount you paid in self-employment tax, if you are self-employed, on line 27. If you contributed to a self-employed pension plan, such as a SEP IRA or a SIMPLE plan, or you paid for self-employed health insurance, take adjustments for those costs on lines 28 and 29.
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Make income adjustments for early savings withdrawal penalties you paid and include alimony payments you made on lines 30 and 31. If you contributed to a traditional IRA, and you qualify for a deduction, take that adjustment on line 32. If you qualify for a student loan interest deduction or an adjustment for tuition and fees, place those amounts on the next two lines. Add an adjustment for qualified domestic activities, such as the construction of real property and architectural services performed in the United States, on line 36. Add up your income adjustments and subtract them from the amount on line 22 to find you AGI.
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Tips & Warnings
You may need to fill out additional federal tax forms and schedules to calculate your AGI. See Schedules B, C, D, E, F and SE. Also see Forms 2106, 3903, 4797, 8903 and 8917. Use the index in the Resources section to locate forms and schedules.
References
Resources
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
