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No, an inheritance is not an addition to the MAGI for tax purposes. Your MAGI is used as a basis for determining whether you qualify for certain tax deductions. TurboTax will calculate your MAGI based on your entries.
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:
No, an inheritance is not an addition to the MAGI for tax purposes. Your MAGI is used as a basis for determining whether you qualify for certain tax deductions. TurboTax will calculate your MAGI based on your entries.
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:
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