Turbotax does not calculate that for you, you have to calculate it. It is your adjusted gross income (Line 37, Form 1040) plus your tax-exempt interest income, Line 8b, Form 1040. June 7, 2019 3:56 PM MAGI for what specific purpose? There are different requirements for different purposes.
Another thing we wanted the answer to was; does turbotax calculate magi?
The MAGI (modified adjusted gross income) calculation from Turbo. Tax is incorrect., turbo Tax reports my MAGI as equivalent to my AGI. I have some self-employment income, and Turbo. Tax is not adding back the 1/2 self-employment tax deduction to my AGI when calculating the MAGI, per the IRS rules.
How do I calculate modified adjusted gross income (MAGI)?
Next, to calculate your modified adjusted gross income (MAGI), 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.
What is the difference between Agi and Magi on your taxes?
Your adjusted gross income, or AGI, is an important line item on your taxes, as it affects your eligibility for certain tax benefits. The same is true of your modified adjusted gross income, or MAGI.
Your tax return does not display your MAGI, you will need to calculate it by first checking your AGI. To locate your AGI: Next, to calculate your modified adjusted gross income (MAGI), 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.
How do I find the Magi for a Roth contribution?
Or after entering all income into Turbo. Tax and entering a Roth contribution then the “Roth Contribution Limit Worksheet” line 1 will show the calculated MAGI. **Disclaimer: This post is for discussion purposes only and is NOT tax advice.
A inquiry we ran across in our research was “What is the Magi used to determine IRA limits?”.
The MAGI used to determine IRA limits (e. g. the MAGI used to determine if you can deduct a Traditional IRA contribution or if you can contribute to a Roth) are addressed by Turbo Tax “Tax Tips”; but not the MAGI used for other purposes like Net Investment Income Tax.