Your tax return does not display your MAGI, you will need to calculate it by first checking your AGI. To locate your AGI: With your return open, click My Account Then, Tools Under "Other Helpful Links", click View Tax Summary Your Adjusted gross income should be third on the listNext, tocalculate your modified adjusted gross income (MAGI), take your AGI and addback certain deductions. Many of these deductions are rare, so it's possibleyour AGI and MAGI can be identical. According to the IRS, your MAGI is your AGIwith the addition of the following deductions, if applicable: Student loan interest One-half of self-employment tax Passive loss or passive income IRA contributions, taxable social security payments The exclusion for income from U.S. savings bonds The exclusion under 137 for adoption expenses Rental losses Any overall loss from a publicly traded partnership Read more here: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Is-the-Difference-Between-AGI-and... Also, you mayenter an amount of Roth contribution as if you contributed, and TurboTaxwill let you know if your MAGI is too much, then will list your MAGI. To visit this section and determineyour financial eligibility to contribute to a Roth, follow the steps below: Click the Federal Taxes tab Then, Deductions & Credits Scroll down to the "Retirement and Investments" section. Next to "Traditional and Roth IRA Contributions", click Start or Revisit Check the box for Roth IRA on the next screen and click Continue Follow the interview screens. You will come to the final screen that will tell you if you qualify and will list your MAGI if you don't

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Where do I find my magi?

Forum|Forum|6 years ago
June 7, 2019
7 replies
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TurboTax Self Employed Online

Best answer by MollsBBU

Your tax return does not display your MAGI, you will need to calculate it by first checking your AGI. To locate your AGI:

With your return open, click My Account
Then, Tools
Under "Other Helpful Links", click View Tax Summary
Your Adjusted gross income should be third on the list

Next, to calculate your modified adjusted gross income (MAGI), take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:

Student loan interest
One-half of self-employment tax
Passive loss or passive income
IRA contributions, taxable social security payments
The exclusion for income from U.S. savings bonds
The exclusion under 137 for adoption expenses
Rental losses
Any overall loss from a publicly traded partnership

Also, you may enter an amount of Roth contribution as if you contributed, and TurboTax will let you know if your MAGI is too much, then will list your MAGI. To visit this section and determine your financial eligibility to contribute to a Roth, follow the steps below:

Click the Federal Taxes tab
Then, Deductions & Credits
Scroll down to the "Retirement and Investments" section.
Next to "Traditional and Roth IRA Contributions", click Start or Revisit
Check the box for Roth IRA on the next screen and click Continue
Follow the interview screens. You will come to the final screen that will tell you if you qualify and will list your MAGI if you don't

M

MollsBBUAnswer

Employee

Your tax return does not display your MAGI, you will need to calculate it by first checking your AGI. To locate your AGI:

With your return open, click My Account
Then, Tools
Under "Other Helpful Links", click View Tax Summary
Your Adjusted gross income should be third on the list

Next, to calculate your modified adjusted gross income (MAGI), take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:

Student loan interest
One-half of self-employment tax
Passive loss or passive income
IRA contributions, taxable social security payments
The exclusion for income from U.S. savings bonds
The exclusion under 137 for adoption expenses
Rental losses
Any overall loss from a publicly traded partnership

Also, you may enter an amount of Roth contribution as if you contributed, and TurboTax will let you know if your MAGI is too much, then will list your MAGI. To visit this section and determine your financial eligibility to contribute to a Roth, follow the steps below:

Click the Federal Taxes tab
Then, Deductions & Credits
Scroll down to the "Retirement and Investments" section.
Next to "Traditional and Roth IRA Contributions", click Start or Revisit
Check the box for Roth IRA on the next screen and click Continue
Follow the interview screens. You will come to the final screen that will tell you if you qualify and will list your MAGI if you don't

I

iain_lloyd

It seems ludicrous that MAGI is not easily viewable from Turbo Tax. Pretty disappointing

R

rbohio

I was surprised that TT didn't provide a spot to view this value.. Paraphrased the following from the IRS instructions for Form 8962:

Worksheet 1-1. Taxpayer's Modified AGI—Line 2a

1. Start with your adjusted gross income (AGI)* from Form 1040 or 1040-SR, line 8b, and Form 1040-NR, line 35

2. Add any tax-exempt interest from Form 1040 or 1040-SR, line 2a, or Form 1040-NR, line 9

3. Add any amounts from Form 2555, lines 45 and 50

4. Form 1040 or 1040-SR filers: If line 5a is more than line 5b, subtract line 5b from line 5a and add the result 5. Total is MAGI

G

gee123

I want to second what a previous post said. I am disappointed that Turbo Tax does not show the calculate MAGI. It is an important value that they must have. Seems like a small feature that would bring value.

Cheers,

G

M

mglauner

Here's details on Calculating AGI/MAGI.

Your MAGI (modified adjusted gross income) is your AGI plus certain deductions you must “add back.” These deductions include IRA contributions, student loan interest, one-half of self-employment tax, qualified tuition expenses, and more.
Your MAGI is used as a basis for determining whether you qualify for certain tax deductions, including whether or not your contributions to an individual retirement plan are deductible.

@gee123

DaveF1006

Please review this Turbo Tax link as it accurately explains the difference between AGI and MAGI.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

B

BlackPanther2020

The MAGI value is needed to determine Roth IRA contribution eligibility so it's important to get it right. So for the love of God Turbotax, can you please do this calculation and display it in the software so that your tens of thousands of users don't have to do this calculation BY HAND after buying your software??!?

macuser_22

Employee

You can calculate it yourself by using the IRS worksheet 2-1 https://www.irs.gov/publications/p590a#en_US_2019_publink1000230985

or after entering all income into TurboTax and entering a Roth contribution then the "Roth Contribution Limit Worksheet" line 1 will show the calculated MAGI.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

B

BlackPanther2020

THanks so much for providing the workbook. I still don't understand why Turbortax can't calculate this value in the software since it has all our tax information. Does Taxcut, or other software, calculate the MAGI?

S

sb11

I'm able to find my MAGI only if I exceed the current limits to contribute to a Roth IRA. If you try to do a Roth contribution and you're over the contribution limit, you'll see a screen with your MAGI like this:

I know this won't trigger for everyone, but it's the only consistent way I've found to have TurboTax determine it for me.

C

CS Zh

For the purpose of determine the Medicare premium, your MAGI is your total adjusted gross income and tax-exempt interest income. See Social Security form SSA-44, Step 3 – Modified Adjusted Gross Income