Much of the uncertainty in predicting variations in greenhouse gases originates in the complex dynamics of the land ecosystem and the atmosphere. To reduce the uncertainties, it is useful to decouple the contributions of land carbon fluxes and atmospheric transport to atmospheric carbon variability. Here we isolate these contributions using a version of the NASA GEOS model that couples carbon, energy and water cycles between the land and the atmosphere. Our current study is a follow-on to a preliminary analysis that suggested that an extreme event (e.g., imposed drought) in a free running AGCM simulation affects atmospheric CO2 more through its impact on atmospheric transport than through a modification of land carbon fluxes. In order to more carefully isolate the effects of the land carbon variability and atmospheric transport variability on atmospheric CO2 variability, we conducted two coupled-AGCM simulations in replay mode, a mode that forces the model's evolution of weather to match that of the MERRA-2 reanalysis. In the control simulation, the land carbon fluxes and the atmospheric CO2 concentrations, as well as the meteorology, are simulated over 2001-2015. We compute the climatological seasonal cycles of net land carbon production from this control simulation and then prescribe, in a second simulation, these climatological carbon fluxes to the atmosphere in the same replay mode. By comparing the atmospheric CO2 variability produced in the two simulations, we fully isolate the part of this variability associated with land surface fluxes. Relative contributions of land flux variability and atmospheric transport variability to CO2 variability are quantified both on a regional basis and as a function of height into the atmosphere to support interpretation of both ground-based and satellite observations.