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Other Uses of Modified Adjusted Gross Income Besides determining what general tax deductions you qualify for, your MAGI is also used to determine contributions to certain retirement accounts.
2025 Medicare Part B Premium Amount. Greater than $106,000 and less than or equal to $133,000. ... MAGI=Modified adjusted gross income. 3. Cap on out-of-pocket prescription drug costs.
Your W-2 does not list your adjusted gross income, but it contains the information you need to calculate your AGI. Box 1 lists your total income earned from your employer .
Tax Filing Status. 2024 MAGI. 2025 MAGI. Traditional IRA Deduction. Single individuals covered by a workplace retirement plan. $77,000 or less. $79,000 or less
Saving for retirement will get a boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act. ... (MAGI) between $79,000 and $89,000, up from ...
Single taxpayers with modified adjusted gross income (MAGI) above $161,000 in 2024 can’t participate in a Roth IRA. For 2025, the threshold gets raised to MAGI over $165,000.
Modified adjusted gross income limits of $200,000 for single filers and $400,000 for joint filers apply to get the full amount. You won’t get anything with a modified AGI of $240,000 filing ...
Adjusted gross income (AGI) and modified adjusted gross income (MAGI) are two ways to calculate what your income might be for tax purposes. Both these figures directly influence your tax ...