MAGI Calculation for Form 8962

[al-leo2012]

Where does turbo tax keep the MAGI calculation for Form 8962?  I'd like to see where they got the numbers for the actual form.  Thanks!

[JohnW152]

There's not a worksheet or similar document that shows the MAGI calculation. 

If you're on a desktop version of TurboTax, you can see Form 8962 if you'll enable the Forms mode in the upper-right corner of the program.  However, this won't show a MAGI breakdown.

MAGI, for Premium Tax Credit purposes, is based on the information you enter in the TurboTax program.  You can see what's taken into account for the calculation in Worksheet 1-1, Taxpayer's Modified AGI—Line 2a and Worksheet 1-2. Dependents' Combined Modified AGI—Line 2b  in the Instructions for Form 8962.

[al-leo2012]

Thanks for the information.  I sure was hoping to see the worksheet.  

[JohnB5677]

Your MAGI is not on your tax return, and TurboTax does not have a form for this, but this may help to describe the calculations.

"Your modified adjusted gross income, or MAGI, is your AGI increased or decreased by certain amounts that are unique to specific deductions."

Line 11 on your Form 1040 is your Adjusted Grose Income.

Add Back Certain Deductions

To find your MAGI, take your AGI and add back:

• Any deductions you took for IRA contributions and taxable Social Security payments
• Deductions you took for student loan interest
• Tuition and fees deduction
• Half of self-employment tax
• Excluded foreign income
• Interest from EE savings bonds used to pay for higher education expenses
• Losses from a partnership
• Passive income or loss
• Rental losses
• The exclusion for adoption expenses