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avatar Thomas 3 weeks ago
What is modified adjusted gross income?
What is modified adjusted gross income? Modified adjusted gross income (MAGI) is a tax-related calculation used for determining eligibility for certain deductions, credits, and tax benefits. The calculation can vary depending on the specific tax provision. How do you determine MAGI when reviewing yo...
What is modified adjusted gross income?
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  • J
    @Josh replied to Thomas
    3 weeks ago

    Modified Adjusted Gross Income (MAGI) is your Adjusted Gross Income (AGI) with certain deductions or exclusions added back. It’s mainly used to determine eligibility for things like IRA contributions, Roth IRA contributions, certain tax credits, and health insurance subsidies. The exact calculation of MAGI depends on what tax benefit you’re trying to qualify for.
  • D
    @Dustin replied to Thomas
    3 weeks ago

    Modified adjusted gross income (MAGI) is your adjusted gross income (AGI) with certain deductions or exclusions added back. It’s used to determine eligibility for various tax benefits, credits, deductions, and programs. The exact calculation can vary depending on the specific tax benefit.

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