Where on my tax return can I find my modified adjusted gross income?

[VolvoGirl]

The MAGI is not on your tax return or in Turbo Tax.   There are many different MAGI.  What do you need it for?  

[unsworthnd-comca]

I am trying to estimate my Income related monthly adjustment amounts (determines how much my Medicare payment will be).  It calls for the modified adjusted gross income

[VolvoGirl]

MAGI for IRMAA is simply Adjusted Gross Income (AGI) plus tax-exempt interest. But your IRMAA is based on your MAGI from two or three years ago. For example, your IRMAA for 2024 will usually be based on your 2022 tax return, or possibly your 2021 tax return. On your 2021, 2022, or 2023 tax return, the MAGI for IRMAA is Form 1040 line 11 plus line 2a.

[VolvoGirl]

Found this on another post…..

How Social Security determines the IRMMA, See this answer…..

20 CFR § 418.1120 - How do we determine your income-related monthly adjustment amount?

https://www.law.cornell.edu/cfr/text/20/418.1120

20 CFR § 418.1115 - What are the modified adjusted gross income ranges?

https://www.law.cornell.edu/cfr/text/20/418.1115

View solution in original post

[unsworthnd-comca]

Great answer! I can get my modified adjusted gross income.   And I understand that my MAGI that I generated two years ago, determines my monthly income adjusted payment for Part B medicare.  Perfect.  

So I think I understand that the MAGI that I earn in 2024 will be compared to Medicare's tables in two years to determine my monthly payments.   That's a little hard... given that I assume that the brackets move each year...

[peter_albar]

to determine how much I can put in my Roth/Traditional IRA without incurring a penalty 

[ThomasM125]

Your modified adjusted gross income for IRA contributions would be your adjusted gross income plus student loan interest deductions, foreign earned income exclusions, foreign housing deductions, excludable savings bond interest and employee-provided adoption benefits, as listed in this excerpt from IRS Publication 590-A:

[Vickiey_Victoria]

For this information, you will have to pay for TurboTax to see the worksheets that go with your tax return. However, suppose you want to calculate your MAGI for your purposes, for instance, to see how much of your Social Security Income is taxable, or to see the maximum contribution to your retirement account. In that case, you can complete the 590 A 2024 form found on the IRS website, beginning on page 15, which provides  Worksheet 1-1, line 7, to figure your modified AGI for traditional IRA purposes. Worksheet 2-1, line 10, is for Modified Adjusted Gross Income for Roth IRA Purposes. I hope this helps and reduces the hostility for asking a very important question, because it is not the same as AGI.