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Get your taxes done using TurboTax
Yes. Your modified adjusted gross income (MAGI) is your adjusted gross income with some adjustments added back. It determines whether you qualify for certain deductions, credits and other tax benefits, and how much you qualify for. MAGI is calculated differently for each benefit.
Some examples of adjustments that are added back are,
- IRA contributions
- Student loan interest – Form 1040, Schedule 1, line 21
- Foreign earned income and housing exclusions - Form 2555, line 45
- Foreign housing deduction or income exclusion - Form 2555, line 50
- Savings bond interest excluded from your income - Form 8815, line 14
- Adoption benefits excluded from your income - Form 8839, line 28
- non-taxable social security.
Your husband may have a Traditional IRA, that is tax-deductible, as long as he is not covered by a retirement plan at work. If he is, this will not lower your tax burden because the of the combined MAGI amounts.
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February 5, 2025
8:18 AM