turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

MAGI on Form 8962 is incorrectly not adding back my rental losses so I am getting a big PTC refund because Turbotax is showing my income below poverty level.

My understanding that ACA/PTC MAGI is calculated by adding back rental losses as shown in this Intuit article: https://turbotax.intuit.com/tax-tips/irs-tax-return/what-is-the-difference-between-agi-and-magi-on-y...

"MAGI calculation

To calculate your modified adjusted gross income, take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:

  • Rental losses

"

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MinhT
Expert Alumni

MAGI on Form 8962 is incorrectly not adding back my rental losses so I am getting a big PTC refund because Turbotax is showing my income below poverty level.

For the purpose of determining the ACA premium tax credit, you are not required to add back your deductible rental losses to calculate your MAGI.

Please read this Marketplace document for more information:

https://www.healthcare.gov/glossary/modified-adjusted-gross-income-magi/

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies