Your modified adjusted gross income (MAGI) is slightly different from your adjusted gross income (AGI), but both are key metrics to understand. If you're confused about the difference between MAGI vs AGI, we've got your back. Learn more about how MAGI an
Total income includes all of your income that is subject to income tax. This typically includes: your wages from work reported on a Form W-2 income from self-employment, which is usually calculated on Schedule C taxable Social Security benefits, pensions and annuities, and IRA distributi...
If you (or you and your spouse, if you file jointly) have a higher income, you’ll pay a higher premium. Here’s the breakdown, according to 2025 yearly Modified Adjusted Gross Income (MAGI): For individuals filing separatelyFor married couples filing jointlyYou pay in 2025 ...
If your income exceeds the limits, the credit is reduced by $50 for each $1,000 of income above the threshold until it phases out completely. Your MAGI isn't a number that you'll find on any tax forms since it needs to be calculated, but quality tax software should be able to help...
How is IRMAA calculated? The Medicare IRMAA for Part B and Part D is based on your income and is calculated on a sliding scale. When determining whether IRMAA applies to you, Medicare uses the adjusted gross income amount reported on your tax return from two years prior. What are the ...
Pita bread is the recipe I have received the most questions about and requests for ever since I started this blog. After much experimentation here it is :) Living in the middle east means you can get great pita bread at every bakery and restaurant but th
Capital Gains Tax Calculator for Real Estate Sometimes you just want capital gains tax calculated for you. Try playing around with this capital gains tax calculator for real estate investment properties: Enter your financial information below to calculate your Capital Gains. Purchase Price $ Acceler...
Traditional IRA contributions can be fully or partially tax-deductible based on yourmodified adjusted gross income (MAGI)if you contribute to anemployer-sponsored plan, such as a 401(k). For 2024, the phase-out range (where the size of your deduction is reduced) for single tax filers is be...
Taxable income is calculated by adding up all sources of income, excluding nontaxable items, and subtracting credits and deductions.145 What Is Nontaxable Income? Examples of nontaxable income include earnings made from a religious or charitable organization that are subsequently returned to that organ...
You pay 3.8% on whichever is less—either your net investment income or the portion of your MAGI that exceeds your tax filing threshold as set by the Internal Revenue Service.3 Can I Avoid Paying the Net Investment Income Tax? There are ways to avoid qualifying for the NIIT. The key is...