A negative AGI means you would have a $0 federal tax liability and would be eligible for a refund of any federal taxes you had withheld or paid via estimates. You might also be eligible for refundable tax credits, such as the earned income credit, child tax credit, or qualified education credits.

What happens if you don’t have your AGI from last year?

If you can’t find your prior-year AGI, you have a couple of options. You’ll need to request a copy of a return for 2019 from the IRS, which you can do any of these ways: View or download a transcript of your return online at

Can I use my AGI from 2019 for 2020 taxes?

The IRS uses your prior-year AGI to verify your identity when you efile your 2020 Tax Return. You only need a prior-year AGI if you are e-Filing your tax return to the IRS. An incorrect 2019 AGI on your 2020 return will result in a tax return rejection by the IRS and/or State Tax Agency.

Can your AGI be zero?

The AGI calculation is relatively straightforward. Using income tax calculator, simply add all forms of income together, and subtract any tax deductions from that amount. Depending on your tax situation, your AGI can even be zero or negative.

Can you carry forward negative AGI?

For business owners, the negative AGI may mean losses can be carried back or forward to reduce tax bills in other years. …

What disqualifies for stimulus checks?

Individual taxpayers with AGI of $80,000 or more aren’t eligible. The new stimulus check will begin to phase out after $75,000, per the new “targeted” stimulus plan. If your adjusted gross income, or AGI, is $80,000 or more, you won’t be eligible for a third payment of any amount.

What should I put as negative AGI on my tax return?

If you had a negative Adjusted Gross Income (AGI) amount on your prior year tax return, you should enter the AGI amount as a negative number in the e-file section of the account.

When does the IRS use your prior year AGI?

Your Prior-Year AGI is the Adjusted Gross Income on last year’s 2019, tax return. The IRS uses your prior-year AGI to verify your identity when you efile your 2020 Tax Return.

What should I enter if my AGI is zero?

If you had a negative Adjusted Gross Income (AGI) amount on your prior year tax return, you should enter the AGI amount as a negative number in the e-file section of the account. What do I enter if my AGI is zero on my prior year return? If you had zero Adjusted Gross Income (AGI) amount on your prior year return, you need to enter your AGI as $0.

Where do I Find my AGI for my 2020 tax return?

Detailed instructions on how to obtain an IRS transcript or tax return copy. This is a free service provide by the IRS and your prior year AGI will be on the transcript listed as ADJUSTED GROSS INCOME. You can then enter it on eFile.com during the checkout and efile process for your 2020 tax return.