Modified Adjustive Gross Income
There is a couple that make $180,000 a year jointly,but can change due to some bonuses. What constitute to the modified adjustive gross income? (Charity contributions, IRA, child credit, etc.)
There is a couple that make $180,000 a year jointly,but can change due to some bonuses. What constitute to the modified adjustive gross income? (Charity contributions, IRA, child credit, etc.)
Permalink Submitted by Alan - IRA critic on Fri, 2013-04-05 22:24
Itemized deductions and credit do not reduce MAGI. MAGI differs for purposes of a TIRA deduction than for a regular Roth IRA contribution. See pages 15 and 62 in Pub 590 for the definitions: http://www.irs.gov/pub/irs-pdf/p590.pdf