How to Calculate Modified Adjusted Gross Income (MAGI)

[Credaholic]

We're a dual income household with employed and self-employed income and active rental income. I'm trying to figure out how to calculate our MAGI.

Using numbers from last year:

AGI (according to line 37) ~$135K
Schedule E Rental Losses (reported on line 17) ~$20K
Self Employment Tax Deduction (line 29) ~ $3000

No tax exempt interest, student loans or the like. We did contribute to 401Ks (employer and Solo) but I don't think that gets added back in? Anything else that needs to be added back in?

Thanks for your help!

[MDM]

See pages 17 and 65 in http://www.irs.gov/pub/irs-pdf/p590.pdf.  Is that what you are looking for?

[Credaholic]

Yes! That's the doc I was looking for. I'm confused though, all of the articles I pulled up online seemed to indicate that self employment tax deductions and rental losses were added back in when calculating MAGI?

[Aruna]

Hello Frnd...

Hope this would help you a lot...

https://www.easycalculation.com/finance/modified-adjusted-gross-income.php