MAGI (Modified Adjusted Gross Income) can be defined as your household's adjusted gross income with certain deductions added back.
To find your MAGI, take your AGI and add back:
- Any deductions you took for IRA contributions and taxable Social Security payments
- Any deductions you took for student loan interest or tuition
- Excluded foreign income
- Half of your self-employment taxes
- Interest from EE savings bonds used to pay for higher education expenses
- Losses from a publicly-traded partnership
- Passive income or loss
- Qualified tuition expenses
- Rental losses
- The exclusion for adoption expenses
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