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January 12, 2025
Question

Do charitable contributions not lower your Modified Adustable Gross Income?

  • January 12, 2025
  • 2 replies
  • 0 views
Our MAGI just seems to be our gross....would it not account for any charitable contributuions?

    2 replies

    rjs
    Employee
    January 12, 2025

    CORRECTION:

     

    AGI and MAGI are calculated before any itemized deductions, such as charitable contributions, are applied. Itemized deductions do not reduce AGI or MAGI.


    Secondly, MAGI is calculated differently for different purposes. There are about a dozen different definitions of MAGI, depending on what it's being used for. You didn't say which MAGI you are looking at.

     

    rjs
    Employee
    January 12, 2025

    The first reply that I posted was wrong. AGI and MAGI are calculated before any itemized deductions, such as charitable contributions, are applied. Itemized deductions do not reduce AGI or MAGI under any circumstances. I have corrected my first reply above.