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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 calculated by adding back certain deductions to your AGI, such as the foreign earned income exclusion, tax-exempt interest, and certain deductions related to rental losses. Use in taxation :
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...
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. Gross income is sales price of goods or property, minus cost of the property sold, plus other income.
The Form 1040EZ ("easy form"), Income Tax Return for Single and Joint Filers With No Dependents, was the simplest, six-section Federal income tax return, introduced in 1982. Its use was limited to taxpayers with taxable income below $100,000 (as of tax year 2016 [update] ) who take the standard deduction instead of itemizing deductions and have ...
Above-the-line deductions may also be subject to income-sensitive phaseouts or limitations, e.g., MAGI limits on the tuition and fees deduction. Certain below the line deductions are also phased out for high income taxpayers pursuant to Internal Revenue Code Section 68.
Learn how AGI and MAGI affect your federal income tax rate. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail ...
Your taxable income is not the only important figure on your tax return. Learn why AGI matters.
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