topic Mod AGI Wks Form in Get your taxes done using TurboTax

Mod AGI Wks Form

rmweiss12 — Fri, 04 Feb 2022 19:34:13 GMT

I don't see taxable social security income and tax exempt interest on this worksheet. Both show up on my 1040 and are included in my adjusted gross income (AGI).

As far as I know, both should be included in the MAGI calculation (added to AGI).

So I am not sure what the purpose of that worksheet is as it underreports MAGI.

This is critical as MAGI determines IRMAA premiums (adjustments to Medicare premiums) which could be quite high for high income filers.

Re: Mod AGI Wks Form

DianeW777 — Mon, 07 Feb 2022 16:50:17 GMT

The Social Security Administration (SSA) uses the tax return to determine your modified adjusted gross income (MAGI) to determine if your income-related monthly adjusted amount (IRMAA) is applicable.

Use of MAGI in Federal Health Programs

The SSA will add your tax exempt interest and any nontaxable portion of your social security income and a few other types of income to determine if you fall into the IRMAA. They use your tax return from the IRS when making their decision. TurboTax does not necessarily compute this specific formula since it is not the same as MAGI needed for various income tax scenarios based on the specific sections of tax law.

The Difference Between AGI and MAGI on Your Taxes

Re: Mod AGI Wks Form

rmweiss12 — Mon, 07 Feb 2022 21:01:43 GMT

OK, Thanks; I understand. Still disappointed that TurboTax can not calculate the correct MAGI for my specific situation since it has all my details.