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February 3, 2025
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AGI vs MAGI

  • February 3, 2025
  • 1 reply
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I deleted my W2 income from my 2024 tax return to estimate my MAGI in retirement (I also have some (qualified) dividend, interest, cap gain & schedule E income). Now my MAGI is smaller than AGI (yes, MAGI << AGI). How is this remotely possible? What did I do wrong? What should I check (assuming there is no bug in TurboTax)?

Best answer by ThomasHansenDK

Yes!

 

But how can my Magi be less than my AGI?

1 reply

February 3, 2025

for different items on your return, there are different rules for how MAGI is computed.  for what purpose do you want to know what your MAGI might be? 

ThomasHansenDKAuthorAnswer
February 6, 2025

Yes!

 

But how can my Magi be less than my AGI?

Employee
February 7, 2025

MAGI for what purpose?  There are dozens of different ways to modify AGI for different purposes.