KrisD15
Expert Alumni

Get your taxes done using TurboTax

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"To calculate your modified adjusted gross income, take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:

 

Student loan interest

One-half of self-employment tax

Qualified tuition expenses

Tuition and fees deduction

Passive loss or passive income

IRA contributions

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"

 

AGI and MAGI

 

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