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Get your taxes done using TurboTax
Appreciate responses. Have reviewed worksheet from IRS publication 590-A and agree it does not include municipal bond interest. But there is evidence (see below) that suggests this worksheet computes MAGI differently then other IRS/government programs. Are there different MAGI calculations dependent on type of government program?
Following is from Healthcare.gov......
Your MAGI is the total of the following for each member of your household who’s required to file a tax return:
- Your adjusted gross income on your federal tax return
- Excluded foreign income
- Nontaxable Social Security benefits (including tier 1 railroad retirement benefits)
- Tax-exempt interest
- MAGI does not include Supplemental Security Income (SSI)
Schwab also has an article that cites MAGI includes municipal bond interest.
Not Always Tax-Free: 7 Municipal Bond Tax Traps
Charles Schwab
https://www.schwab.com › learn › story › not-always-t...
September 9, 2023
11:03 AM