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Deductions & credits
According to the IRS, your MAGI is your AGI with the addition of the appropriate deductions, potentially including:
- Student loan interest
- One-half of self-employment tax
- Qualified tuition expenses
- Tuition and fees deduction
- Passive loss or passive income
- IRA contributions
- Non-taxable social security payments
- The exclusion for income from U.S. savings bonds
- Foreign earned income exclusion
- Foreign housing exclusion or deduction
- The exclusion under 137 for adoption expenses
- Rental losses
- Any overall loss from a publicly traded partnership
You don't add back employer sponsored 401k contributions.
For more information, check: What Is the Difference Between AGI and MAGI on Your Taxes?
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March 14, 2024
7:20 AM