TurboTax provides your 2019 adjusted gross income. Do they compute and provide your modified adjusted gross income? Where do I find it?

[rjs]

You don't "find" your Modified Adjusted Gross Income (MAGI) anywhere. You have to calculate it. But there are about a dozen different definitions of MAGI, depending on what it is being used for. If you tell us what you need your MAGI for, we can point you to the correct way to calculate it for that particular purpose.

[User2772734]

Hi Champ, thanks.  I contributed the maximum $6,000 to my ROTH IRA in 2019 but the MAGI limitation to contribute to a ROTH IRA in 2019 for Married Filing Jointly was $193,000.  TurboTax is telling me my AGI was $193,526 in 2019.  The return was approved with no issues, but trying to make sure I don’t get burned with year over year penalties for not correcting something soon enough.  Took the standard deduction in 2019 for $24,400.  Any insight?

[SteamTrain]

Worksheet 2-1 on page 40 of this IRS document shows the ROTH-IRA calculation of MAGI for 2019.

https://www.irs.gov/pub/irs-pdf/p590a.pdf

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2020 would be similar, but the line numbers they are referencing on that worksheet are for the the 2019 forms, and the worksheet line 12 value is the complete phase-out upper limit for 2019...    The start of the phase-out limit is 196,000 for 2020.

I haven't (yet) found a worksheet for 2020 that uses the exact line numbers from all the updated/draft 2020 tax forms yet  (i.e., line numbers may change).  So use your current 2019 tax forms and estimate what would be on each line for 2020 to use with that worksheet.

[macuser_22]

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@User2772734 wrote:

Hi Champ, thanks.  I contributed the maximum $6,000 to my ROTH IRA in 2019 but the MAGI limitation to contribute to a ROTH IRA in 2019 for Married Filing Jointly was $193,000.  TurboTax is telling me my AGI was $193,526 in 2019.  The return was approved with no issues, but trying to make sure I don’t get burned with year over year penalties for not correcting something soon enough.  Took the standard deduction in 2019 for $24,400.  Any insight?

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If you entered the Roth contribution in the IRA contribution interview then TurboTax would tell you if it was an excess and the "Roth IRA Contribution Limit Worksheet" line 1 will show the calculated MAGI.   Other than the worksheet there is no way to display the MAGI.

[SteamTrain]

If you think you will be close to the phase-out again this year, you could always wait until late Feb, when you have all your income entered into the 2020 software, check your actual MAGI then.....and then make your ROTH contributions, being sure to indicate to the ROTH-IRA providers that it for 2020.  The software should be properly updated for that calculation by then.  That avoids unexpected surprises.  Larger than normal Year -end Mutual fund distributions may be a surprise this year....mine are expected to be ~double of what they issued last year.

[Anonymous]

magi = adjusted gross income - line 8b for 2019 +

Any deductions you took for IRA contributions and taxable Social Security payments
Excluded foreign income
Interest from EE savings bonds used to pay for higher education expenses19
Losses from a partnership
Passive income or loss
Rental losses
The exclusion for adoption expenses

[User2772734]

Thank you everyone!  I believe my MAGI was equal to my AGI in 2019.  I was qualified to make ROTH Contributions in 2019.  You're right I will be better off waiting to make the contribution until the year is over next time.