Below is an example of how the reduced limit is calculated for someone who is filing assingle,head of household, ormarried and filing separatelyfor 2023 (and you didn’t live with your spouse at any time during the year): Start with your modified 2023 AGI. ...
Child Tax Credit: MAGI is calculated by adding AGI plus foreign earned income and housing exclusions, foreign housing deduction, excluding income from Puerto Rico, and excluded income by bona fide residents of American Samoa. Net Investment Income Tax:MAGI is calculated by adding AGI plus the fore...
Modified adjusted gross income can be defined as your household’s AGI after anytax-exempt interestincome and after factoring in certain tax deductions.1Knowing your MAGI can help reduce an individual's taxable income (to account for your retirement account contributions), factor in the eligibility ...