MAGI

Forum|Forum|2 years ago
September 24, 2023
1 reply
9 views

I am trying to figure out MAGI. I itemize on our tax return. We deduct property tax, interest from our home mortgage, Traditional IRA contribution, and charity. Do these deductions needed to added back to income when calculating MAGI?

NCperson

Level 15

there are multiple definitions of MAGI

why are you trying to calculate it and that will help with a response.

jamesrath1970Author

Level 4

In order to see if we qualify for a deduction for health insurance using the market.

NCperson

Level 15

@jamesrath1970 begin with Line 11 (AGI) on your tax return

there are only a few adjustments from that figure:

https://www.healthcare.gov/income-and-household-information/income/#magi

AGI and then:

Excluded foreign income
Add Nontaxable Social Security benefits (add the difference between line 6a abd 6b)
Add Tax-exempt interest (add line 2a)

MAGI

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