Author Topic: How to Calculate Modified Adjusted Gross Income (MAGI)  (Read 1754 times)

Credaholic

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How to Calculate Modified Adjusted Gross Income (MAGI)
« on: January 11, 2015, 12:08:00 PM »
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

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Re: How to Calculate Modified Adjusted Gross Income (MAGI)
« Reply #1 on: January 11, 2015, 12:18:47 PM »
See pages 17 and 65 in http://www.irs.gov/pub/irs-pdf/p590.pdf.  Is that what you are looking for?

Credaholic

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Re: How to Calculate Modified Adjusted Gross Income (MAGI)
« Reply #2 on: January 11, 2015, 12:30:32 PM »
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

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Re: How to Calculate Modified Adjusted Gross Income (MAGI)
« Reply #3 on: June 05, 2015, 07:45:11 AM »