The Modified Adjusted Gross Income (MAGI) is your Adjusted Gross Income (AGI) with the addition of the following deductions, if applicable:
You can find the AGI on line 11 on the 2020 Form 1040.
Please see What Is the Difference Between AGI and MAGI on Your Taxes? for additional information.
So I am sooooo confused by this---my daughter has scholarship and a 529 plan. I need her MAGI for my state sponsored healthcare coverage. I have her 1040 line 11 but what do I use for the Qualified tuition expenses---I think this is the amount on the 1098-T box 1 Payments received for qualified tuition and related expenses?
to calculate your modified adjusted gross income (MAGI), 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. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:
For more information, please click the following link: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Is-the-Difference-Between-AGI-and...
This is the one I am most worried about---since my daughter had scholarships and 529 plan money--The excess amount was included in her income (for example she had 10K in shcolarships and 10K in 529 withdrawals and tuition of 10 K and expenses of 9k ---excess of 1k--added to income)
The previous answer said add back
No. The only income she received was $1k income that was the difference between the Scholarship amount and Tuition expenses. If the 10K in 29 withdrawals was used for educational expenses, that is not income.
Note in the previous answer it mentioned to add back in Student loan Interest. You will only add that amount back if you claimed this on this year's return. If you did claim, you would need to add that student loan interest amount to the $1k excess scholarship amount.