I keep seeing different information for how to calculate MAGI.
For a Self Employed Person is MAGI calculated from AGI + the total of 1/2 of Self Employment Taxes + (the additional items shown below?)
I'm calculating my MAGI just to have an idea of what my MAGI is for the healthcare marketplace thanks!
your MAGI is your AGI with the addition of the appropriate deductions, potentially including:
- Student Loan Interest
- One-half of self-employment tax
- Qualified tuition expenses
- Tuition and fees deduction
- Passive loss or passive income
- IRA Contributions
- Non-taxable social security payments
- The exclusion for income from U.S. savings bonds
- Foreign earned income exclusion
- Foreign housing exclusion or deduction
- The exclusion under 137 for adoption expenses
- Rental Losses
- Any overall loss from a publicly traded partnership
