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 ...
Non-taxable Social Security benefits. As you'll observe above, the adjustments added to the AGI are not common ones. Most people don't have these income sources, so their MAGI definition is, in fact, the same as their AGI's in practice. MAGI calculation example Using the MAGI calculator ...
It’s likely Modified Adjusted Gross income is one of those tax terms you’ve encountered. Modified Adjusted Gross Income (MAGI) in the simplest terms is your Adjusted Gross Income (AGI) plus a few items—like exempt or excluded income and certain deductions. The Internal Revenue Service (IRS...