MayaD
Employee Tax Expert

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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