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Returning Member
posted Mar 14, 2024 12:11:12 PM

Calculating AGI and MAGI

Are social security payments part of AGI. How do they affect MAGI?

 

thankyou

 

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1 Replies
Expert Alumni
Mar 14, 2024 12:37:37 PM

Your social security payments are included in your Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI) if your total income (half of you Social Security benefits and other income sources) exceeds certain the threshold for your filing status ($32,000 for MFJ and $25,000 for other filing statuses). 

 

Refer to the TurboTax articles Is my Social Security income taxable?, How does receiving Social Security affect my taxes? and 

When Does a Senior Citizen on Social Security Stop Filing Taxes?