Mod AGI Wks Form

Forum|Forum|4 years ago
February 4, 2022
1 reply
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I don't see taxable social security income and tax exempt interest on this worksheet. Both show up on my 1040 and are included in my adjusted gross income (AGI).

As far as I know, both should be included in the MAGI calculation (added to AGI).

So I am not sure what the purpose of that worksheet is as it underreports MAGI.

This is critical as MAGI determines IRMAA premiums (adjustments to Medicare premiums) which could be quite high for high income filers.

DianeW777

Level 15

The Social Security Administration (SSA) uses the tax return to determine your modified adjusted gross income (MAGI) to determine if your income-related monthly adjusted amount (IRMAA) is applicable.

Use of MAGI in Federal Health Programs

The SSA will add your tax exempt interest and any nontaxable portion of your social security income and a few other types of income to determine if you fall into the IRMAA. They use your tax return from the IRS when making their decision. TurboTax does not necessarily compute this specific formula since it is not the same as MAGI needed for various income tax scenarios based on the specific sections of tax law.