The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Credaholic on January 11, 2015, 12:08:00 PM
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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!
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See pages 17 and 65 in http://www.irs.gov/pub/irs-pdf/p590.pdf. Is that what you are looking for?
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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?
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Hello Frnd...
Hope this would help you a lot...
https://www.easycalculation.com/finance/modified-adjusted-gross-income.php