The Seven MAGI Calculations
Modified Adjusted Gross Income (MAGI) is a key calculation used by tax professionals and government agencies to determine an individual’s eligibility for various tax credits, deductions, and other considerations. It is based on an individual’s Adjusted Gross Income (AGI) with addbacks specified in the Internal Revenue Code. The concept of MAGI may seem straightforward; however, did you know that the IRS has seven separate definitions?
