TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Tax bracket & IRMAA increase advice

Forum|Forum|1 year ago
April 6, 2025
1 reply
0 views

Since Congress has approved the Windfall Elimination Program and backdated to Jan 2024, I am getting 2 years of extra income this year and that will get my IRMMA pass the standard $106K -$212K for 2027.

The next IRMAA level is $212K-$266K. My 2024 AGI is $198K which I believe is still under $212K MAGI.

For 2025, since I cannot get pass the standard IRMMA lower limit, I may as well do some, say, $50K Roth conversion to bring my MAGI under $266K. I am aware of higher tax bracket and need some advice what I need to look out so I will not get over the IRMAA $266K limit.

What are the other source of income that will have to add to my TAXABLE income to derive to my MAGI. Thanks

How do you calculate MAGI?
To calculate your modified adjusted gross income, take your AGI and "add-back" certain deductions. Many of these deductions can be rare, so it's possible your AGI and MAGI can be identical. Different credit and deductions can have differing add-backs for your MAGI calculation. According to the IRS, your MAGI is your AGI with the addition of the appropriate deductions, potentially including:

student loan interest
one-half of self-employment tax
qualified tuition expenses
tuition and fees deduction
passive loss or passive income
IRA contributions
non-taxable social security payments
the exclusion for income from U.S. savings bonds
foreign earned income exclusion
foreign housing exclusion or deduction
the exclusion under 137 for adoption expenses
rental losses
any overall loss from a publicly traded partnership

IRS Instructions for Calculating 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"

Thanks Victoria,

Is the $3,000 Stock loss deduction need to be added back?

Did TurboTax calculate the MAGI in our tax return as I don't see it.

Thanks again.

The $3,000 stock loss does not need to be added back.

TurboTax will only calculate your MAGI if it is needed for a calculation on your tax return.

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