MAGI

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?

824

Level 15

Sep 24, 2023 4:33:05 PM

there are multiple definitions of MAGI

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

Level 3

Sep 24, 2023 5:01:33 PM

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

Level 15

Sep 24, 2023 7:19:22 PM

@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)

Level 3

Sep 24, 2023 7:21:27 PM

Thank you.

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MAGI