AGI and MAGI calculations - deductions and credits

47 votes

When reviewing tax charts to determine IRA deduction/qualifications, they state AGI and MAGI, further clarification/conclusion is needed.

Under consideration Suggested by: Richard Ramos (20 Sep, '18) • Upvoted: 14 Sep • Comments: 14

Comments: 14

16 Nov, '20
Louise Bryant, CFP(R) Merged
Getting Insurance for the family when parts are self employed with single member startups - Navigating the coverage options with doctors of choice, based on the income and ages of the family members, including Medicare, Marketplace, Student insurance health coverage.
28 Apr, '21
J.C. Corrigan Merged
This may be even more valuable as a comprehensive list of ALL tax credits that are sensitive to Income thresholds.
12 May, '21
Mike Admin Merged
"Do I qualify for American Opportunity Tax Credit" (suggested by Liam Hurley on 2018-09-13), including upvotes (2) and comments (0), was merged into this suggestion.
12 May, '21
Mike Admin Merged
"Can I claim a tuition and fees tax deduction?" (suggested by Russ Ford on 2018-12-07), including upvotes (2) and comments (0), was merged into this suggestion.
12 May, '21
Mike Admin Merged
"Can I claim a Lifetime Learning Tax Credit?" (suggested by Russ Ford on 2018-12-07), including upvotes (1) and comments (0), was merged into this suggestion.
27 Feb, '22
Michael Hollars
The "Important Numbers" sheet refers to several different MAGIs, each of which may be calculated differently.
Our friends at Holistiplan have called out at least 7 different versions for MAGI:
See the "MAGI" tab on their Google Spreadsheet:
https://docs.google.com/spreadsheets/d/1Kn3v19Y8C67Fp3g7iygxnJZ-HBUQZila1nVbJSgRLgI/edit#gid=1656438577

Perhaps add clarifying footnotes on each fpPATHFINDER sheet that refers to "MAGI", or add to the "Important Numbers" sheet.

Thanks!
18 May, '22
ChrisGranger Admin
"MAGI" (suggested by Lew on 2020-04-16), including upvotes (1) and comments (0), was merged into this suggestion.
09 Jun, '22
ChrisGranger Admin
"Summary of Phase Out Numbers" (suggested by Chris C on 2022-05-03), including upvotes (1) and comments (0), was merged into this suggestion. Original language from the merged suggestion: "One page summary of the times income phase outs come into play. From Child Tax Credit, to American Opportunity Tax Credit to deductibility of traditional IRAs to limits on the Roth and Medicare surcharge and the other tax related income limits that are out there."
09 Jun, '22
ChrisGranger Admin
"Education tax credit issues" (suggested by Mike on 2021-05-12), including upvotes (6) and comments (3), was merged into this suggestion.
09 Jun, '22
ChrisGranger Admin
"Premium Tax Credit eligibility" (suggested by Ed Fortier on 2021-08-17), including upvotes (1) and comments (0), was merged into this suggestion.
09 Jun, '22
ChrisGranger Admin
"Qualifying for the American Opportunity Tax Credit" (suggested by Ryan on 2018-08-15), including upvotes (11) and comments (1), was merged into this suggestion. Original language from this merged suggestion: "A Yes/No flowchart to determine eligibility based on factors of tax filing status, AGI limits, coordination with 529 distributions, timing of the 1098-T, coordination with other education tax deductions/credits, etc."
09 Jun, '22
ChrisGranger Admin
"Roth conversion effect on ACA premium tax credit and taxation of social security" (suggested by David Batman on 2021-07-24), including upvotes (1) and comments (0), was merged into this suggestion. Original language from the merged suggestion: "Figuring the tax liability of taking money out of IRA (for living expenses or a Roth Conversion) and the effect on the Premium Tax Credit for ACA Health plan, as well as increased tax on Social Security income."
16 Jun, '22
ChrisGranger Admin
"Obama care health ins subsidy thresholds" (suggested by TC on 2020-01-03), including upvotes (3) and comments (1), was merged into this suggestion. Original language from this merged suggestion: "https://www.healthinsurance.org/obamacare/will-you-receive-an-obamacare-premium-subsidy/"
16 Jun, '22
ChrisGranger Admin
"Do You Qualify for Earned Income Credit (EIC)?" (suggested by Ben Rickey on 2020-12-22), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Verify if EIC eligible. Could integrate with savers credit. Trying to make sure low-income items not missed when tax planning.

https://www.irs.gov/pub/irs-pdf/p5334.pdf "