Modified adjusted gross income, or MAGI, might sound like just more tax jargon, but knowing how to calculate your MAGI is key to determining your eligibility for several valuable tax benefits, ...
People understandably gripe about the complexities of the federal income tax laws. Filling out your tax return is not as easy as writing a couple of numbers on a postcard and sending it to the IRS.
MAGI includes AGI plus specific deductions for Roth IRA eligibility. Tax benefits like Child Tax Credit rely on MAGI levels. Understanding MAGI helps determine tax liabilities and benefit eligibility.
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