How do I calculate MAGI?

ruebarb2000
ruebarb2000 Member Posts: 2 Newcomer
edited December 2024 in General

How do I calculate MAGI?

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Answers

  • Tanner
    Tanner FreeTaxUSA Agent Posts: 6

    Hello ruebarb2000,

    Modified adjusted gross income (MAGI) can change depending on what you want to use it for. Generally, MAGI is calculated in two steps:

    1. Calculate your AGI
    2. Add back certain deductions to calculate your MAGI

    The deductions that you would add back could include any of these:

    • Student loan interest
    • IRA contributions
    • Qualified tuition expenses
    • Tuition and fees deduction
    • Non-taxable social security payments

    Many of these deductions are rare, because of this your AGI and MAGI could be identical.

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