To deduct your IRA contributions if you have a retirement plan through your place of employmentįor Medicaid or other subsidized health insurance plans available in the health insurance marketplaceįor any income tax credits or education tax benefitsĬalculating your MAGI can help ensure you pay the correct amount of taxes, as over-contributing to these programs and other ones can lead to fines and interest payments. To contribute to a Roth individual retirement account (IRA) Your MAGI can help you determine whether you're eligible: This income calculation is similar to adjusted gross income (AGI), except it includes the addition of certain deductions. Modified adjusted gross income is a household's total income after making adjustments for deductions and tax-exempt interest income.
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