The deduction for seniors is gradually reduced if Modified Adjusted Gross Income (MAGI) is over $75,000 ($150,000 if married filing jointly), so if your income is over that amount you will not get th...
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The deduction for seniors is gradually reduced if Modified Adjusted Gross Income (MAGI) is over $75,000 ($150,000 if married filing jointly), so if your income is over that amount you will not get the full $6,000 per person. If MAGI is $175,000 or more ($250,000 if married filing jointly) the deduction is eliminated completely.
MAGI for purposes of this deduction is Adjusted Gross Income (AGI) plus the Foreign Earned Income Exclusion, Foreign Housing Exclusion or Deduction, and excluded income from sources in Puerto Rico, Guam, American Samoa, and the Northern Mariana Islands. For most people MAGI will be the same as AGI.