Can TurboTax tell me my MAGI? I saw the article th...
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New Member

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

In particular I'm interested in the passive income and losses. For example, if I have 3 rental properties that create a total passive income of $50,000. In my return, I deduct all the costs (mortgage interest, taxes, etc) so I end up with just $20,000. AGI already includes this $20k. So do I need to add the extra $30k?

7 Replies
Employee Tax Expert

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

You don't have to add the extra $30,000; you total rental income in that case is $20,000. You can find your AGI on line 11 of your Form 1040, and also on the Summary page in TurboTax.

New Member

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

I'm not looking for AGI. I'm looking for MAGI.

Employee Tax Expert

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

Your MAGI is used as a basis for determining whether you qualify for certain tax deductions. One of the most notable is in determining whether or not your contributions to an individual retirement plan are deductible.

 

To calculate your modified adjusted gross income (MAGI), take your Adjusted Gross Income (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:

  • Student loan interest
  • One-half of self-employment tax
  • Qualified tuition expenses
  • Tuition and fees deduction
  • Passive loss or passive income
  • IRA contributions, taxable social security payments
  • The exclusion for income from U.S. savings bonds
  • The exclusion under 137 for adoption expenses
  • Rental losses
  • Any overall loss from a publicly traded partnership

For additional information, please see the following TurboTax article: Difference Between AGI and MAGI on Your Taxes .

 

Related information: IRS AGI vs MAGI

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New Member

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

Thanks but you still aren't answering my question. I said I read that article and I understand it explains how to calculate it but my question is if TurboTax can calculate that for me since it has all the required information. I also gave an example scenario and asked how to handle it.

Employee TurboTax Specialist

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

Since this is a public forum, we do not have any access to your personal information, therefore, we cannot calculate your MAGI. You can reach out for assistance from one our live tax experts for this matter: How do I connect with a tax expert in TurboTax Live?

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New Member

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

I understand that, I'm not asking to share actual numbers on a public forum, I'm asking if the software has a place to just tell me the number like it does for AGI

Employee Tax Expert

Can TurboTax tell me my MAGI? I saw the article that explain how to calculate it (AGI PLUS some deductions) but TurboTax has all that info. Can it just tell me the number?

The MAGI for passive activity losses can be found on IRS form 8582 Part II line 7.

 

The computation of MAGI can be found on the Modified Adjusted Gross Income Worksheet.

 

You are able to view the worksheet under Tax Tools / Print Center / Print, save or preview this year's return.

@Justin0469 

[Edited 02/23/2021 9:56 AM PST]

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