Looking at the IRS guidance it looks like they are using the term modified adjusted gross income despite the bill simply stating adjusted gross income. This would imply certain above-the-line deductions not being allowed to calculate your AGI for this exemption. That being said, the specific instructions seem to allow for the traditional above-the-line deductions (i.e. student loan interest) to your gross income when making a determination if you are below the $150,000 cap. Am I reading this right?
