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Level 2
February 3, 2025
Solved

AGI vs MAGI

  • February 3, 2025
  • 1 reply
  • 6 views

I deleted my W2 income from my 2024 tax return to estimate my MAGI in retirement (I also have some (qualified) dividend, interest, cap gain & schedule E income). Now my MAGI is smaller than AGI (yes, MAGI << AGI). How is this remotely possible? What did I do wrong? What should I check (assuming there is no bug in TurboTax)?

Best answer by ThomasHansenDK

Yes!

 

But how can my Magi be less than my AGI?

1 reply

Mike9241
Level 15
Level 15
February 3, 2025

for different items on your return, there are different rules for how MAGI is computed.  for what purpose do you want to know what your MAGI might be? 

Mike9241
ThomasHansenDKAuthorAnswer
Level 2
February 6, 2025

Yes!

 

But how can my Magi be less than my AGI?

Level 15
February 7, 2025

MAGI for what purpose?  There are dozens of different ways to modify AGI for different purposes.