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How is the 2025 senior deduct magi calculated So, the calculation should be accurate in turbotax. What are the addons to the adjusted income
Is nontaxable social security benefits a addon? For the purpose of form 8582, the magi does not take into account taxable social security 2025 senior deduct magi calculation definition, jhat are the addons to the adjusted gross incon=mefor the deduction for seniors in the new tax law, magi is adjusted gross income (agi), form 1040 line 11, plus the foreign earned income exclusion and excluded income from sources in puerto rico, guam, american samoa, and the northern mariana islands
So, to answer the question in your.
For this deduction, magi is adjusted gross income (agi), form 1040 line 11, plus the foreign earned income exclusion and any excluded income from sources in puerto rico, guam, american samoa, and the northern mariana islands. I am using turbotax home and biz 2024 for my return, i'd like to know exactly how the modified adjusted gross income (magi) should be calculated so i can decide how much my traditional ira contribution is deductible I see my ajusted gross income on line 11, but turbo tax refers to a modified adjusted gross income worksheet that i don't see. They do not affect your agi
But keep in mind that your irmaa is based on your magi from two, or possibly three, years ago For example, your irmaa for 2026 will usually be based on your 2024 tax return, or possibly your 2023 tax return On tax returns for 2020 through 2024 the magi for irmaa is form 1040 line 11 plus line 2a. That capital losses do not factor into the calculation of magi for the purposes of figuring out ira contribution amounts that are allowed
Figuring your modified agi and in that calculation no where does it mention capital losses.
How do you calculate magi Many of these deductions can be rare, so it's possible your agi and magi can be identical Modified adjusted gross income (magi) is not a single calculated value It is defined differently for different purposes
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