What MODIFIED AGI (MAGI) means: Modified adjusted gross income (MAGI) is a figure used to figure the limit on an exclusion or deduction allowed in computing adjusted gross income. Depending on the item for which MAGI is being computed, certain items taken into account in figuring adjusted gross income (AGI) are ignored. For example, for child tax credit purposes, MAGI is AGI plus any excluded foreign, U.S. possession, or Puerto Rican income. The IRS provides a worksheet for figuring MAGI whenever you are required to compute it.
- Definition Multiple Support Agreement:
- Dictionary persons who would otherwise be entitled to an exemption for a dependent other than a qualifying child, together furnish more than half the dependent's support (but no one individual provides modified agi (magi) definition.
- Definition Married Filing Jointly:
- Dictionary that can be used by taxpayers who are married at the end of the tax year and not legally separated under a final decree of divorce or separate maintenance. The income, deductions, and credits of both modified agi (magi) explain.
- Definition Medical Expenses:
- Dictionary expenses of an individual, spouse, and dependents are allowed as an itemized deduction to the extent that such amounts (less reimbursements) exceed 7.5 percent of adjusted gross income modified agi (magi) what is.
- Definition Main Home:
- Dictionary See "principal residence," defined elsewhere in this glossary modified agi (magi) meaning.
How works Modified AGI (MAGI meaning in Tax definitions M .
