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?

[Justin0469]

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?

[npierson7]

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.

[Justin0469]

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

[HelenC12]

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

[Justin0469]

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.

[AshleyLO]

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?

[Justin0469]

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

[JamesG1]

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]

[4916194]

From the ‘Print and Save Your Tax Return’ option selected “Tax Return, ALL Calculation Worksheets’. I do NOT see “Modified Adjusted Gross Income Worksheet.”. Let us know if I am missing any steps here.  Also, let us know if any way we can find the MAGI (Modified Adjusted Gross Income) in any worksheet/form.

It is hard to find the MAGI (Modified Adjusted Gross Income) amount.

[DawnC]

Every MAGI calculation depends on why you need to calculate it.   The M stands for 'modified' but how it is modified depends on the tax reason.   The government provides appropriate instruction forms for whichever purpose you’ll need.   In TurboTax, you will find any needed MAGI computation on the form or worksheet that required it.   Some tax situations that require the use of MAGI:

• Health Care (aka Premium) Tax Credit: MAGI is your AGI plus any excluded foreign income, nontaxable Social Security benefits, and tax-exempt interest received during the taxable year.
• Traditional IRA Tax Contribution Deduction: MAGI is your AGI plus any student loan interest deducted from Form 1040 Schedule 1, foreign earned income exclusion and/or housing exclusion, foreign housing deduction, excludable savings bond interest, and employer-provided adoption benefits.
• American Opportunity Credit: MAGI is your AGI plus any foreign earned income exclusion, housing exclusion, foreign housing deduction, and any income excluded from Puerto Rico or American Samoa.

In the Online program, you need to know what form or credit is using your MAGI.   If your tax return does not require the calculation, you will not find it on any of the forms or worksheets.

However, if you are using the desktop program, you can view all forms, even blank ones that were not a part of your return.   @Justin0469 

[4916194]

My Tax return needs MAGI (‘Modified’ Adjusted Gross Income), and again I can’t find the “Modified Adjusted Gross Income Worksheet.” (as said above).

IRA (Traditional-Deductible, Roth) contribution depends on MAGI amount. As a TaxPayer If I know the MAGI number, then I can make an appropriate decision/strategy for the IRA contribution.

Feedback – If the tax return is using (or know) MAGI for the tax calculation, then it is nice to show the MAGI amount on the product screen. It would save time for ALL (customer and support) parties and eventually lead to a good customer experience.

[ColeenD3]

There is no one single MAGI. MAGI differs depending on the tax situation. 

MAGI calculation

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. Different credit and deductions can have differing add-backs for your MAGI calculation. According to the IRS, your MAGI is your AGI with the addition of the appropriate deductions, potentially including:

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

[tomtax2008]

TurboTax 2021 Deluxe, at least, does provide the "Modified Adjusted Gross Income Worksheet". I don't know about other versions.

To find the worksheet, go to the Forms view and click Open Form. Set the return type to  Form 1040: Individual and then search for "modified". "Modified AGI Worksheet" should be the one and only page that's found. Click Open.

If you want to print the form, display the worksheet (as above) and then Print Active Form (under File in the menubar).

[pjanas1]

Why is tax Exempt interest ( 1040 line 2a) not listed?  There are sources other than Federal such as Municipal bond interest.

[tco0243]

When I print  to pdf "all turbotax forms and worksheets"  for my 2021 federal tax return, a turbotax worksheet "Form 8582 Modified Adjusted Gross Income Worksheet" (this is not IRS form 8582) appears as page 199 of 308 (your page count will differ). But if your pdf reader has a search feature, just search on the word "modified" and it will eventually come to that worksheet if it exists.

It appears to be a worksheet that is not filed with the tax return, but is just an internal worksheet prepared by the software for the taxpayers records.

HOWEVER, the amount on my worksheet does not include any social security retirement income, taxable or non-taxable, which is odd. It also doesn't match the MAGI amount that turbotax populates into line 1 of the "Roth IRA Contribution Limit Worksheet". That $value is significantly less that what is at the bottom of form 8582.