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?

[BillM223]

Although many tax situations use the term "Modified Adjusted Gross Income", the definition of the MAGI is usually different in each case. Thus you can't use the MAGI for one situation for another.

In your case, please see the instructions for line 6 for the 8582, which explains what the MAGI is for your case.

@tco0243

[VirtualVigil]

Why are you all making this so much more difficult than it needs to be?  

1. Turbo tax calculates MAGI for use in determining whether you can contribute to IRAs.

2. Turbo tax displays that information if you exceed the earnings limits and attempt to contribute to IRAs.  See example messages below.

3. Turbo tax does not seem to provide a way to see the MAGI calculation.  The search for 'modified' only showed me form 8582 p1 Passive Activity Loss Limitations and it was empty

Example language when trying to enter IRA contributions:

Some of your IRA contribution isn't deductible.

...

Based on the information you've entered so far, X is covered by a retirement plan at work and your modified  AGI is $yyy,zzz.  You can't deduct Y's $7,000 contribution.

So the MAGI calculation is right there.  Why is it so difficult to find directly?

Summary:

Turbo Tax should be fixed to allow users to see the MAGI calculation directly.  If as you say, there are different calculations used for different purposes, then fine.  Show them all. 

[rusty1992]

The more I read up, the more confused I get about MAGI. 

The Turbo Tax Modified Adjusted Gross Income Worksheet,  calculated MAGI for Passive Gain Loss (Rental Property) and in this worksheet it omited our Social Security payments completely as income. Thus our MAGI is much lower that our AGI. 

I need to understand MAGI For Medicare IRMMA price seeting.  In this Modified Adjusted Gross Income Worksheet, calculation, it excluded Social Security Income.   But when I read other descriptions of deductions to add -back in, I find several references that say add back in "Tax-exempt SS income"  (Which is 15% for us)   So for IRMMA purposes, should I be adding in the non-taxed SS payment amount?

Secondly,  in adding back deductions for "tax-exempt interest", to calculate MAGI, would the gain a Roth IRA withdrawal be considered "tax-exempt interest" ?  I know Roth IRA distributions are not taxable, and clearly there is a basis and a gain amount in Roth accounts, but is the Roth "Gain" (which is tax-exempt) considered "interest" for MAGI calculation purposes?

Thirdly, when Medicare goes int tax records to get prior year MAGI to determine IRRMA rate, where are they actually pulling our MAGI amount from, considering its not a line item on the 1040? 

[rusty1992]

(See my other comment)'

You mention - "the amount on my [MAGI] worksheet does not include any social security retirement income, taxable or non-taxable, which is odd. " I have same question.

TT did calculate my MAGI for 'passive gain/loss' calculation (on the MAGI Worksheet) but like you, it did not include any SS income (neither taxed or untaxed portions).  I don't know if TT did this correctly?  (It wouldn't be the first error I've found in TT) Assuming its correct for passive gain/loss purposes,  I also need MAGI for Medicare Part B IRMMA rate planning, and need to know if I should add SS income to the MAGI for IRMMA purposes or not?   I find conflicting references, and the IRS forms are only vague in addressing this matter.

[JulieS]

 Yes, MAGI can be confusing mostly because there are multiple MAGIs for different purposes.

Modified Adjusted Gross Income (MAGI) for calculating Income Related Monthly Adjustment Amount (IRMMA) is the sum of:

• the beneficiary’s adjusted gross income (AGI) (found on line 11 of the Internal Revenue Service (IRS) tax filing form 1040), plus
• tax-exempt interest income (line 2a of IRS Form 1040).

There are no other add backs and Roth distributions are not included as interest. 

The information that the SSA uses to determine your IRMMA is the numbers from 2a and 11 of your 1040 and your filing status. 

The Social Security Administration uses your tax information from two years prior to determine your IRMMA. Click here to see the tables they use to determine your Medicare premium. 

[rusty1992]

Thank you Julie, that's the most straight forward explanation I've gotten!  It is amazing how many different interpretations are out there.    I've done IRMMA adjustments for 2022 and 2023, so I'm quite familiar with that process. 

John 

[r-yttri]

I found a MAGI calculation on form 8960 line 13 from my 2022 Federal return.  It was calculated there because of the added 3.8% tax on investment income if your MAGI is over $250K filing jointly. 

Just paying my fair share   : )

[diasjj]

How do you find the calculation for MAGI in the current year's tax calculations?  I can't find it anywhere.  It's easy enough to calc myself however, the MAGI I come up with does not match the amount TT comes up with.  I know this because TT limits my Traditional IRA contribution due to the MAGI it comes up with.  

[AnnetteB6]

If you are using the CD/downloaded version of TurboTax, you can trace how the Modified Adjusted Gross Income (MAGI) was calculated.  

You would go to Forms mode and look for the IRA Worksheet (at the bottom of all of the Federal forms in your return).  Line 12 is the MAGI.  Right-click on that number and select data source.  A screen will pop up to show you how it was calculated and where the numbers in the total are found in your return.  

There does not seem to be a worksheet or source that you can print or access similar information if you are using TurboTax Online.  

@diasjj 

[Wynter2020]

tomtax2008,

I have followed your instructions to the letter and there is NO, NONE, ZIP, ZILCH worksheet in Turbo Tax that shows the details on how Turbo Tax calculates MAGI.   smh!!!  I do not understand why TT does NOT have a worksheet and simply the number appears on form 8962 with no calculation details.

I have looked for 2 years and cannot find it.  btw I have always used the Deluxe version.  This is quite aggravating to say the lease.  

[BillM223]

Both tomtax2008 and AnnetteB6 state that you can get the MAGI in certain cases, but ONLY if you are using the desktop product. You are not likely to be able to find the same in the Online product.

@Wynter2020 

[Wynter2020]

tco0243,

I followed your instructions, but turbo tax did not provide me with any such document/form called 8982, which I know you are saying it is a worksheet vs an IRS form.  Just the same there is no such thing in my documents even though there is magically a MAGI amount on irs form 8962.   My pdf file is 115 pages long and there is NO TT internal doc form 8982.  I am currently using TT 2023 Deluxe.  This is soooo aggravating TT can't simply show me the details of how it came to the amount of irs form 8962.   grrrrrr.   Any other thoughts?  

[Wynter2020]

To be clear I am NOT using online application.  I always have used the desk top application, and I still can't find the worksheet some folks are saying is there and others like me are saying we can't find it.   ;-(

[Wynter2020]

I have reviewed and reviewed again all the reports and forms and worksheets available to me.  I have generated a pdf document and slowly scrolled thru the doc and there is nothing I can find.  I even did a word search someone suggested searching for the work "modified" and it comes up with only 3 matches and those are all found on the irs form 8962 and no other page within the pdf form.  Also, as I noted previously, I am using a desk top application and not the online application.

[mesquitebean]

@Wynter2020 

I can't test it because I don't have that scenario, but what happens if you open your return in the program  (not the PDF), and go to the data field that has prepopulated with the MAGI.  Right-click on it, and if an info popup happens, look at 2 things:   "about" and "data source."  See if "about" gives you any info on it, and then follow the data source and trace it back.   When you arrive at the data source, if necessary right-click the amount there, and see if it takes you to still another data source, etc.