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AGI and MAGI are different

1/30/2014

2 Comments

 
When reviewing your tax return to determine the income your Net ACA Policy Premium will be after credits be sure to consider the MAGI (Modified Adjusted Gross Income) as the figure to calculate your premium.

Here is the latest confusing definition of the MAGI

MAGI calculation

To calculate your modified adjusted gross income, take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:

  • Student loan interest
  • One-half of self-employment tax
  • Qualified tuition expenses
  • Tuition and fees deduction
  • Passive loss or passive income
  • IRA contributions, taxable social security payments
  • The exclusion for income from U.S. savings bonds
  • The exclusion under 137 for adoption expenses
  • Rental losses
  • Any overall loss from a publicly traded partnership
2 Comments
medicare healthcare benistar link
7/24/2018 12:43:48 am

Healthcare IT Solutions are transforming the healthcare industry, they have become a must have for today's healthcare sector. It is therefore necessary for today's youth to understand the importance of healthcare IT solutions. Healthcare professionals too can not ignore the importance of this field to ensure "quality healthcare service & patient safety".

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Don Trudeau Benistar link
8/30/2018 01:18:55 am

The importance of insurance cannot be over-emphasized and neither can the danger of paying for insurance you don't need. It is strongly recommended you solicit the advice of an in-dependent business insurance agent. Don't forget to SHOP! Talk to three or four independent agents and compare notes and prices.

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    Mark Trumm says

    I find Insurance interesting. In 40 years, I have never been so amazed at how things change, but lately things are changing quickly and drastically! I know you have questions, comments and frustrations. Let's unite to help each other!

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