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The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and ...
MAGI is used to assess eligibility for specific tax credits, deductions, and subsidies, such as the Premium Tax Credit for health insurance, Roth IRA contributions, and education tax credits ...
Modified adjusted gross income adds back in some of the deductions you took to calculate your AGI, such as the student loan interest deduction, IRA contribution deduction and the tuition and fees ...
IRS rules dictate that the total combined contributions to your IRA and your spouse’s IRA, cannot exceed $13,000 for the 2023 tax year if only one of you is age 50 or older.
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
The provision allows more taxpayers to convert from Traditional IRA to Roth IRA by removing the modified adjusted gross income (MAGI) limitation on such rollovers starting in 2010. Taxpayers who convert in 2010 may, as a special case, elect to pay tax on amounts converted in equal installments in 2011 and 2012.