I'm not totally sure how the MAGI is calculated. For Example I have dividends (1099-DIV) that have created a cash balance of $918.82 over the last 2 years (not just 2016), and I don't know if that's included as income for the MAGI.
Here is the breakdown of the sources of my income:
W2 $ 19,962
Tax Refunds $? 186
1099-INT $? 16
1099-DIV $? 1,860
HSA Dist. $? 544
Total $? 22,568
I realize that the contribution limit for an traditional IRA is $5,500. I guess I'm hoping some of this income doesn't count toward the MAGI. Please help!
You'll need to sign in or create an account to connect with an expert.
For Medicaid purposes, MAGI is adjusted gross income (AGI) plus these, if any:
untaxed foreign income, non-taxable Social Security benefits, and tax-exempt interest.
A contribution to your Traditional IRA (same as Deductible IRA) does reduce your Medicaid MAGI. Contributions to a Traditional 401k also reduce your Medicaid MAGI.
See: https://www.healthcare.gov/income-and-household-information/income/
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
split
Level 2
sherryburke1206
New Member
ajv28
New Member
lacienv28
New Member
69billabong69
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.