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New Member
posted Jun 1, 2019 10:33:30 AM

How do I find out what my MAGI number is through your site?

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1 Best answer
Expert Alumni
Jun 1, 2019 10:33:32 AM

In order to calculate your Modified Adjusted Gross Income (MAGI), you will begin with your Adjusted Gross Income (AGI) from your Tax Return: Form 1040 Line 37, Form 1040A Line 21, or Form 1040EZ Line 4

To view your Tax Return before filing, login to your return and go to Tax Tools>>Tools>>View Tax Summary.

Next, you will add the following things to your AGI in order to come up with your MAGI 

  • Student loan interest
  • One-half of self-employment tax
  • 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

If you don't have any of the above items, then your MAGI will simply be the same as your AGI.

Check out this TurboTax Article for more details on: What is the Difference Between AGI & MAGI?

13 Replies
New Member
Jun 1, 2019 10:33:31 AM

2018 TT is not calculating MAGI correctly.  How do I see the data sources for the Form 8960 line 13 calculation?

Expert Alumni
Jun 1, 2019 10:33:32 AM

In order to calculate your Modified Adjusted Gross Income (MAGI), you will begin with your Adjusted Gross Income (AGI) from your Tax Return: Form 1040 Line 37, Form 1040A Line 21, or Form 1040EZ Line 4

To view your Tax Return before filing, login to your return and go to Tax Tools>>Tools>>View Tax Summary.

Next, you will add the following things to your AGI in order to come up with your MAGI 

  • Student loan interest
  • One-half of self-employment tax
  • 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

If you don't have any of the above items, then your MAGI will simply be the same as your AGI.

Check out this TurboTax Article for more details on: What is the Difference Between AGI & MAGI?

Returning Member
Jun 1, 2019 10:33:34 AM

2018 Form 1040 line 7 has AGI

Level 2
Mar 24, 2021 4:16:36 PM

It would be very useful is TT would do this calculation and make it available when trying to decide, for example, whether the user is within the Roth limits. 

New Member
Apr 6, 2021 4:47:40 PM

I found that TT had calculated MAGI under

File>Preview>IRA Worksheet>line 12.

I don't know how TT calculated the number, but it is there.

Level 1
May 14, 2021 9:19:41 PM

It appears that Form 8582 is a MAGI Worksheet.
I followed jv29's suggestion of File`>Preview but i didn't see IRA Worksheet, so i selected the button for the "show me every single form" option and scrolled and scrolled until i found that form.

Looks like this

 

 

I hope this is the right thing.  Would love someone from TurboTax or Intuit or a Tax Professional to confirm that.
What is odd is that my MAGI is lower than my AGI by the amount of my HSA contribution amount. 

Expert Alumni
May 15, 2021 5:56:19 AM

Yes, the worksheet in Form 8582 does show your correct MAGI. It won't show up in your return, however, unless you have passive losses that are limited because of your MAGI. If you made deductible contributions to your HSA (not excluded from income through your W-2, but contributions made on your own, not through your employer)  it would reduce both your AGI and your MAGI. HSA contributions made through your employer are excluded from income and are not included in your AGI or MAGI.

 

You would generally compute your MAGI  manually, starting with the AGI shown on line 11 of Form 1040. 

 

[Edited 05/15/2021|6:29 AM PST]

Level 1
May 15, 2021 7:33:41 AM

Thanks @IsabellaG ! 
hopefully this info will be helpful to others who are looking to figure out their MAGI. it is GREAT that TT does this automatically somewhere.  It's good to use as a comparison to one's manual calculation.

 

Expert Alumni
May 15, 2021 7:36:38 AM

You're welcome!

Returning Member
Oct 29, 2021 6:22:48 AM

HI Isabelle and brain trust,

(I use TurboTax desktop, if it matters)

I am a little late to this discussion.  I was prompted to look at my TT20 return as I wanted to see how/if my MAGI was indeed calculated here.  I did find the MAGI calcs on Form 8582 Line 7.  When I explored the detail I found that our MAGI was lower than AGI by the amount of the taxable SS benefits my spouse received.  This does not make any sense, my MAGI should equal my AGI.  What gives?  or do I ignore TT Form 8582.   It would be helpful if MAGI were not so hidden in TT, it is used to calculate the Medicare Surtax (IRMAA).

 

Any insights would be appreciated.

Thanks,

Brent

Level 15
Oct 29, 2021 7:57:08 AM

Ok the AGI and the Modified AGI  are not always the same thing and there are at least a dozen different calculations of the modification depending on what the MAGI is being used for.   

 

The MAGI  used to calculate the Medicare Surtax  is not something that the TT income tax program calculates ... the SSA office does this and you should have gotten a notice about the change.

   https://www.medicareresources.org/medicare-eligibility-and-enrollment/what-is-the-income-related-monthly-adjusted-amount-irmaa/

 

 

New Member
Nov 17, 2022 4:21:43 AM

The lists don't include tax-exempt interest.  Was this item omitted from MAGI?

Level 15
Nov 17, 2022 5:17:43 AM

On an income tax return the tax exempt interest/dividends are not included in the AGI.  And depending on which MAGI you are calculating for  it may or may not be included.  For most income tax purposes it doesn't come into play.