MAGI (Modified Adjusted Gross Income) Calculator
Understanding MAGI
What is MAGI?
Modified Adjusted Gross Income (MAGI) is a crucial financial metric used by the IRS to determine eligibility for various tax benefits and programs. It's calculated by taking your Adjusted Gross Income (AGI) and adding back certain deductions.
Why MAGI Matters
MAGI is used to determine eligibility for:
- IRA contribution deductibility
- Marketplace health insurance subsidies
- Medicare premiums
- Education tax benefits