- 1 How Do I Get Last Year’s AGI – Get Adjusted Gross Income
- 2 What is my AGI and where to I find it?
- 3 Small Business Employee Benefits and HR Blog
- 4 where is my adjusted gross income on my tax return
How Do I Get Last Year’s AGI – Get Adjusted Gross Income
If you need to know how do I get last year’s agi, your adjust gross income, for tax purposes, you will appreciate these options. Filing your taxes can be stressful. It is even more stressful when you don’t have all the materials you need to file your taxes online. Last year, I was in the same situation and desperately need to know what my adjusted gross income was for the previous year. Hence, if you need to know how do I get last year’s agi number, you might try this first approach. Simply put, locate your old paper tax return from last year and you will find it listed on there. If you can’t find it, now is a good time to talk about proper organization. Everybody should have a special spot or file cabinet for tax returns. In fact, if you get audited, the IRS may ask you for all your previous tax documents from the previous year such as receipts for deductions. Thus, it would behoove you to establish such a file keeping system now. Dedicate a file to all year’s previous taxes. Hence, when you need to locate your agi, you will know where to access it.
With that said, that may not help your current circumstance and you might be still be asking how do I get my last year’s agi since I don’t have a paper copy at home. One other suggestion will work if you have a CPA do your taxes for you. Simply contact them and ask them if you can get a copy of your return from last year. I was able to do that. But the person who did prepare that copy for me did charge me extra for that service. Thus, just be aware of that as a possibility. If you didn’t have a tax professional prepare your taxes last year, there is another method that you can do to get your tax transcript. Simply put, you can go to the www.irs.gov site and look for the resource that will help you order a tax transcript. It is easy to use and will, ideally, help you get the tax information you need.
In addition, you might employ another way to address the question of how do I find last year’s agi. Many people will now use computer based tax preparation services. If you are like me, when you utilize those resources you often save a screenshot or a electronic copy on your desktop. Thus, if you saved a digital file of last year’s tax return, go find it on your desktop. Just like your paper copy, the electronic version will have your adjusted gross income listed on it. If you haven’t tried this type of tax preparation help, you may wish to do so in the future. It is easy to store your materials on a computer and you don’t have to worry about lugging extra files around with you when you move from place to place. However, if you do like to do just electronic versions, I would encourage you to back up your files. My mother had everything on her computer and the hard drive crashed. Need less to say, she lost all of her materials stored on it. If she had her tax records on there, it would have been lost. Luckily, she didn’t and she had paper copies of all her previous tax returns.
What is my AGI and where to I find it?
AGI or Adjusted Gross Income is the figure which represents how much a tax payer earned and is responsible for paying taxes on with respect to the prior tax year. AGI includes all income sources, but is often smaller than the total gross income as a select number of adjustments (deductions, credits, certain expenses, etc) are made to this figure in accordance with the US tax code. These adjustments, which can include retirement accounts, work related expenses, education and other expenses, are often phased out for higher income earners.
Knowing what this figure is for you can be helpful when determining if you qualify for certain tax breaks and/or programs, for example the Earned Income Tax Credit. It is also very commonly used to sign or verify a tax payer’s identity when electronically filing with the IRS.
To identify your AGI on your prior year tax return, look to the following places;
If you filed Form 1040 it will be listed on line 37.
If you filed Form 1040A it will be listed on line 21.
If you filed Form 1040-EZ it will be listed on line 4.
Please note: If you did not file a return last year and did not create a PIN, or you filed AFTER Oct 15th, you can chose to enter "09quot; for your AGI and file without a prior year PIN.
Small Business Employee Benefits and HR Blog
The Affordable Care Act (ACA) introduced premium tax credits to give you and your family a discount to buy individual health insurance coverage through the Health Insurance Marketplace. If you are eligible, these tax credits can reduce your family’s health insurance cost to no higher than 9.5 percent or as low as 2 percent of your household income . Before you can calculate the amount of your premium tax credit, you must first calculate your modified adjusted gross income (MAGI).
Note: Keep in mind that premium tax credits can work with reimbursement plans like the Small Business HRA, but that you must report your HRA allowance amount to avoid tax penalties.
Your MAGI is a measure used by the IRS to determine if you are eligible to use certain deductions, credits (including premium tax credits), or retirement plans. Eligibility for the premium tax credits is based upon whether your income is no more than 400 percent of the federal poverty line (FPL)—modified adjusted gross income, not adjusted gross income (AGI). Here's a quick overview of how to calculate your modified adjusted gross income.
Generally, your adjusted gross income is your household's income minus various adjustments. Adjusted gross income is calculated before the itemized or standard deductions, exemptions, and credits are taken into account.
What Is Modified Adjusted Gross Income?
Generally, your modified adjusted gross income (MAGI) is the total of your household's adjusted gross income plus any tax-exempt interest income you may have (these are the amounts on lines 37 and 8b of IRS from 1040).
How to Calculate Your Gross Income
Your gross income (GI) is the money you earned through wages, interests, dividends, rental and royalty income, capital gains, business income, farm income, unemployment, and alimony. This is the basis for your AGI calculation.
Gross income includes salary, interest earned, income from investments, and basically any income you made through business, trade, or investments.
How to Calculate Your Adjusted Gross Income
Once you have gross income, you "adjust" it to calculate your AGI. You make adjustments by subtracting qualified deductions from your gross income.
Adjustments can include items like some contributions to IRAs, moving expenses, alimony paid, self-employment taxes, and student loan interest. There are many free AGI calculators available online.
How to Calculate Your Modified Adjusted Gross Income
Once you have adjusted gross income, you "modify" it to calculate your MAGI. For most people, MAGI is the same as AGI.
Specifically, Internal Revenue Code ((d)(2)(B)) states that MAGI is AGI increased by:
Any amount excluded from gross income in section 911 (Foreign earned income and housing costs for qualified individuals)
Any amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax
Any amount equal to the portion of the taxpayer’s social security benefits (as defined in Section 86 (d)) which is not included in gross income under section 86 for the taxable year. (Any amount received by the taxpayer by reason of entitlement to a monthly benefit under title II of the Social Security Act, or a tier 1 railroad retirement benefit.)
The IRS phases out credits (including premium tax credits) and deductions as your income increases. By adding MAGI factors back to your AGI, the IRS determines how much you really earned.
Based on that, it determines whether you can take full advantage of premium tax credits. If you are eligible for a tax credit, an online premium tax credit calculator will help you estimate your actual tax credit.
Editor's Note: This post was originally published in August 2014.
Do you have any questions about premium tax credits? Please leave a comment below.
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