How to calculate the MAGI

[kblack08rn]

my son's 1040 only goes to line 34

[NicoleU · Accepted solution]

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...

[Ugh1]

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?