An individual’s Adjusted Gross Income (AGI) from a prior tax year is a key figure needed for various financial applications and tax-related procedures. It represents gross income less specific deductions, providing a more refined view of taxable income. This value can be found on the taxpayer’s filed tax return for the year in question. For example, the AGI from the 2022 tax return would be required when e-filing the 2023 tax return if using the prior year’s AGI for verification purposes.
Access to this specific financial data is essential for identity verification when filing taxes electronically, applying for certain loans, or determining eligibility for various tax credits and deductions. Historically, the AGI has become a standard metric for assessing a taxpayer’s financial standing, impacting access to governmental assistance programs and affecting loan interest rates. The reliance on prior-year AGI ensures a consistent and verifiable method of assessing a taxpayer’s financial situation across different platforms and years.
