How to calculate the MAGI

Forum|Forum|7 years ago
June 7, 2019
1 reply
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my son's 1040 only goes to line 34

TurboTax Deluxe Online

Best answer by

You may be able to view his MAGI information before his tax return is filed, please see the following steps:

First, you will need to get your Adjusted gross income (AGI), please see the following steps:

Once logged in, please click on My Account
click Tools
Other helpful link, then View Tax Summary (please see screen shot)
click Preview my 1040 (please see screen shot)
It would be on page 1, look for line 37 (Form 1040)
It would be on page 1, look for line 21 (Form 1040A)
It would be on page 1, look for line 4 (Form 1040EZ)

Next, 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:

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

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...

Anonymous

Answer

You may be able to view his MAGI information before his tax return is filed, please see the following steps:

First, you will need to get your Adjusted gross income (AGI), please see the following steps:

Once logged in, please click on My Account
click Tools
Other helpful link, then View Tax Summary (please see screen shot)
click Preview my 1040 (please see screen shot)
It would be on page 1, look for line 37 (Form 1040)
It would be on page 1, look for line 21 (Form 1040A)
It would be on page 1, look for line 4 (Form 1040EZ)

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

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...

Ugh1

Level 2

The answer here states that, to compute your MAGI, one of the things to add back to your AGI is "one-half of self-employment tax." However, IRS publication 590A, page 42 (worksheet 2-1) does NOT list this as one of the items to be added back in. My guess is that it should not be listed here?