Your tax return does not display your MAGI, you will need to calculate it by first checking your AGI. To locate your AGI:
- With your return open, click My Account
- Then, Tools
- Under
"Other Helpful Links", click View Tax
Summary
- Your Adjusted gross income should be third on the list
Next, to
calculate your modified adjusted gross income (MAGI), 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
- Passive
loss or passive income
- IRA
contributions, taxable social security payments
- The
exclusion for income from U.S. savings bonds
- The
exclusion under 137 for adoption expenses
- Rental
losses
- Any
overall loss from a publicly traded partnership
Read more here:
https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Is-the-Difference-Between-AG...
Also, you may
enter an amount of Roth contribution as if you contributed, and TurboTax
will let you know if your MAGI is too much, then will list your MAGI. To visit this section and determine
your financial eligibility to contribute to a Roth, follow the steps below:
- Click the Federal Taxes tab
- Then,
Deductions & Credits
- Scroll
down to the "Retirement and Investments" section.
- Next to
"Traditional and Roth IRA Contributions", click Start or Revisit
- Check the
box for Roth IRA on the next screen and click Continue
- Follow
the interview screens. You will come to the final screen that will tell
you if you qualify and will list your MAGI if you don't
