MAGI is calculated differently depending on the circumstance. What do you want it for?
for what purpose? the problem is MAGI has different definitions depending on what you are going to use it for....why do you need to know MAGI? from that it gets simpler to provide the simple instruction,
Hello,
This will be used to calculate Health insurance coverage in PA. Pa has its on healthcare exchange "Pennie" That requires you to enter your MAGI
Here's a link to the definition of Modified Adjusted Gross Income (MAGI) on the pennie web site. The basic definition on that page is "MAGI is adjusted gross income (AGI) plus the following, if applicable: untaxed foreign income, non-taxable Social Security benefits, and tax-exempt interest."
On your Form 1040, AGI is line 11. Tax-exempt interest is line 2a. Non-taxable Social Security benefits is line 6a minus line 6b. Untaxed foreign income might be a little more complicated. It does not appear on Form 1040. Post details if you have any foreign income.
Thank you.
Social security and foreign income are not applicable for me.
So, Just to clarify Line 3a (qualified dividends) are not included? Just 11 and 2a in my case.
Does Line 3b includes all dividends? (ordinary and qualified) even though Line 3b specifically says "Ordinary"
Thank again
@gbrozebud wrote:
So, Just to clarify Line 3a (qualified dividends) are not included? Just 11 and 2a in my case.
Line 3a is already included in line 11, so you don't add it again.
@gbrozebud wrote:
Does Line 3b includes all dividends? (ordinary and qualified) even though Line 3b specifically says "Ordinary"
Yes, qualified dividends (line 3a) are included in ordinary dividends (line 3b).
If you have no Social Security income and no foreign income, your MAGI for pennie is just Form 1040 line 11 plus line 2a.