When it comes to filing your taxes, it’s essential to have accurate information, including your Adjusted Gross Income (AGI). Your AGI is a crucial figure that determines several aspects of your tax return, such as eligibility for certain deductions, credits, or other tax benefits. However, many people may find it confusing to locate their AGI, especially for the 2020 tax year. In this article, we will provide you with a comprehensive guide on how to find your AGI for filing taxes in 2020.

What is Adjusted Gross Income (AGI)?

Adjusted Gross Income, or AGI, is a key figure in determining your overall tax liability. It represents your total income from all taxable sources, including wages, self-employment earnings, interests, dividends, and retirement distributions, minus specific deductions allowed by the Internal Revenue Service (IRS). Your AGI is the starting point for determining your taxable income and ultimately calculates how much tax you owe.

Why is AGI important for filing your taxes?

Your AGI is essential as it affects several aspects of your tax return:
– Eligibility for certain tax deductions, credits, and exemptions.
– Calculation of tax liability, including whether you owe taxes or are eligible for a refund.
– Determination of eligibility for specific tax benefits, such as education credits or certain retirement plans.

How can you find your AGI for the 2020 tax year?

There are a few methods to find your AGI for the 2020 tax year:
a. Look at your previous year’s tax return: If you have a copy of your 2019 tax return, you can find your AGI on line 8b of Form 1040. Make sure to use the figure from your most recent return, as this may differ from year to year.
b. Utilize tax software: Many tax software programs, such as TurboTax or H&R Block, have an option to import your previous year’s tax return data. This feature automatically fills in your AGI for you, saving you time and ensuring accuracy.
c. Use the IRS’s Online Tool: The IRS provides an online tool called “Get Transcript” on their website. You can request a transcript of your previous tax returns, including your AGI. Note that setting up an account and verifying your identity may be required to access this service.
d. Contact the IRS: If you are unable to find your AGI using the above methods or require additional assistance, you can contact the IRS directly. They have a helpline dedicated to assisting taxpayers with their tax-related queries.

How can you protect your AGI and personal information?

Considering the sensitivity of your AGI and personal information, it is crucial to protect it from unauthorized access. Follow these measures to safeguard your AGI:
– Keep your tax documents, including your tax returns and supporting documents, in a secure place.
– Use strong passwords for any online accounts related to your taxes.
– Be cautious of phishing attempts and verify the legitimacy of any tax-related communications before sharing your information.
– Encrypt any digital copies of your tax documents or store them in a password-protected folder.

Knowing your AGI for the 2020 tax year is essential for accurate tax filing and determining eligibility for tax deductions, credits, and other benefits. By following the steps outlined in this article, you can locate your AGI using various methods such as referring to your previous year’s tax return, utilizing tax software, using the IRS’s online tool, or contacting the IRS directly. Remember to safeguard your AGI and personal information in order to prevent any unauthorized access or fraudulent activities.

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