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Deductions & credits
@SLYKTAX Is the Medicare Premium payment deducted from your AMAGI when SSI determines how much I need to pay? While the answer to that specific question is No, there are items that are deducted. For instance, if you are converting an IRA into a Roth, that conversion will be subtracted out of the MAGI calculations for Roth-IRA contribution limits. Also, a maximum of 85% of your Social Security is included in your AGI. So you may want to make sure you include those in your calculations. But the Medicare Premium is included as part of your (standard) AGI, and there is no adjustment in the MAGI formula to remove it from calculations.
If I donate (xxx) before April 15, 2022, can the donated amount be deducted to my 2021 AGI? No, with a caveat. Unlike contributions to an IRA, donations must be made in the calendar tax year to be deductible. So any includable donations must be made by December 31 to be deductible. Unfortunately, deductions reported on Schedule A do not lower AGI, (Standard or Itemized Deductions are reported after Line 11 and do not reduce AGI). The caveat is that $300 of donations (and $600 if Married Filing Jointly) may be included as a "below the line" deduction that would reduce your AGI. There is no adjustment on the MAGI instructions to add that "below the line" deduction back into MAGI for Roth Contribution limitations.
You may find the worksheet on this website helpful to determine your MAGI with respects to your income limitations: Modified AGI for Roth Contribution Limits. And, in a worst case scenario that you are above limits, you may still be able to perform a "Backdoor Roth" to get around those limits. (If a Backdoor Roth is likely, you may need to execute before 2021 ends as Congress may be eliminating this through pending legislation).
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