Hi Swan76,
Thank you for your question today. Here' how to calculate MAGI:
To calculate your Modified Adjusted Gross Income (MAGI), follow these steps:
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Determine Your Gross Income: This includes all income sources such as wages, salaries, interest, dividends, rental income, etc.
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Calculate Your Adjusted Gross Income (AGI): Subtract any eligible deductions from your gross income. These deductions can include contributions to retirement accounts, student loan interest, alimony payments, and more.
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Add Back Certain Deductions: Add back specific deductions to your AGI to get your MAGI. These deductions often include IRA contributions, student loan interest, one-half of self-employment tax, and other specific deductions.
Good luck to you!
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