You'll need to sign in or create an account to connect with an expert.
Here's some info on Calculating AGI/MAGI.
AGI and MAGI are calculated transparently in TT. ‘Gross income’ has a hidden worksheet. Did some what-if scenarios for my particular situation. Specifically, capital losses (or at least some) are not included in gross income. If you had a $20k gain and $10k loss, you’d add in $20k. This can be a problem if you use the ‘category totals’ method rather than entering individual sales. For example above, the categories method would add $10k (20-10=10) to gross income rather than the correct $20k. Form 1116 favors a higher gross income to increase tax credit.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
dewdew
Level 1
ale-carrasco87
New Member
Ian B
New Member
karen-elofson
New Member
gomes_f
New Member