Here's details on Calculating AGI/MAGI.
- Your MAGI (modified adjusted gross income) is your AGI plus certain deductions you must “add back.” These deductions include IRA contributions, student loan interest, one-half of self-employment tax, qualified tuition expenses, and more.
- Your MAGI is used as a basis for determining whether you qualify for certain tax deductions, including whether or not your contributions to an individual retirement plan are deductible.
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