How do you calculate MAGI?
To calculate your modified adjusted gross income, take your AGI and "add-back" certain deductions. Many of these deductions can be rare, so it's possible your AGI and MAGI can be identical. Different credit and deductions can have differing add-backs for your MAGI calculation. According to the IRS, 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
IRS Instructions for Calculating MAGI
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