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What is my “modified adjusted gross income” or MAGI, which is the basis for the income restrictions?

April 26, 2017basis income magi modified adjusted gross income

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What is my “modified adjusted gross income” or MAGI, which is the basis for the income restrictions?

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The IRS defines MAGI as your “Adjusted Gross Income” (or AGI) plus certain amounts of foreign owned income (which most people don’t have). Your AGI is simply your total income for the year (wages, salaries, interest income, dividends, and capital gains) minus certain adjustments and deductions, but before the itemized deductions on Schedule A of your tax return and your personal exemptions. You can find your AGI on Form 1040 and 1040A as the last number on page 1 and the first number on page 2, or on the Form-EZ as line 4.