Every MAGI calculation depends on why you need to calculate it. The M stands for 'modified' but how it is modified depends on the tax reason. The government provides appropriate instruction forms for whichever purpose you’ll need. In TurboTax, you will find any needed MAGI computation on the form or worksheet that required it. Some tax situations that require the use of MAGI:
- Health Care (aka Premium) Tax Credit: MAGI is your AGI plus any excluded foreign income, nontaxable Social Security benefits, and tax-exempt interest received during the taxable year.
- Traditional IRA Tax Contribution Deduction: MAGI is your AGI plus any student loan interest deducted from Form 1040 Schedule 1, foreign earned income exclusion and/or housing exclusion, foreign housing deduction, excludable savings bond interest, and employer-provided adoption benefits.
- American Opportunity Credit: MAGI is your AGI plus any foreign earned income exclusion, housing exclusion, foreign housing deduction, and any income excluded from Puerto Rico or American Samoa.
In the Online program, you need to know what form or credit is using your MAGI. If your tax return does not require the calculation, you will not find it on any of the forms or worksheets.
However, if you are using the desktop program, you can view all forms, even blank ones that were not a part of your return. @Justin0469
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