Comments on: What is Modified Adjusted Gross Income (MAGI)? http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 03:39:46 -0500 http://wordpress.org/?v=abc hourly 1 By: ann http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-136463 ann Wed, 18 Nov 2009 03:48:02 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-136463 If I made a withdrawal from my 401K to purchase a home (first time buyer) would that amount qualify as MAGI? If I made a withdrawal from my 401K to purchase a home (first time buyer) would that amount qualify as MAGI?

]]> By: Tess http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-135905 Tess Mon, 26 Oct 2009 20:22:01 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-135905 you mentioned alimony payments but what about child suport. I live in Kansas and my husband pays 50% of his gross to his exwife. can we deduct what he pays? you mentioned alimony payments but what about child suport. I live in Kansas and my husband pays 50% of his gross to his exwife. can we deduct what he pays?

]]> By: Mike Reed http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-114730 Mike Reed Fri, 25 Jan 2008 20:48:31 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-114730 New subscriber - where would I find your response to questions 5, 6 & 7 from Nov 10,2006 article about MAGI? Great articles! Thanks, Mike New subscriber – where would I find your response to questions 5, 6 & 7 from Nov 10,2006 article about MAGI?

Great articles!
Thanks,
Mike

]]> By: Chris http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-114465 Chris Wed, 16 Jan 2008 16:31:20 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-114465 Do you know how Social Security Disability is handled when computing MAGI? Do you know how Social Security Disability is handled when computing MAGI?

]]> By: Pearl http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-78507 Pearl Thu, 19 Jul 2007 01:58:47 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-78507 My broker tells me that capital gains are deducted from AGI to get MAGI for $100,000 limit for IRA to Roth conversion. does not sound right to me. It it? My broker tells me that capital gains are deducted from AGI to get MAGI for $100,000 limit for IRA to Roth conversion. does not sound right to me. It it?

]]> By: Rob http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-68925 Rob Fri, 02 Mar 2007 20:52:46 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-68925 Re: MAGI for IRA purpose, if I have a rental loss on line 17 of 1040 and the loss is included in AGI line 37, do I take the loss out of AGI to derive the MAGI? The MAGI for passive activity loss limitation (Form 8582) excludes the rental loss. Is the MAGI calculation for IRA different from the MAGI calculation for passive acitivy loss limitation? Re: MAGI for IRA purpose, if I have a rental loss on line 17 of 1040 and the loss is included in AGI line 37, do I take the loss out of AGI to derive the MAGI? The MAGI for passive activity loss limitation (Form 8582) excludes the rental loss. Is the MAGI calculation for IRA different from the MAGI calculation for passive acitivy loss limitation?

]]> By: nickel http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-35130 nickel Fri, 10 Nov 2006 21:45:45 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-35130 Mike: Correct. That's what I said. Those things get taken out for AGI, and traditional IRA goes back in for MAGI. So yes, an employer plan can be used to reduce MAGI, but a trad/SEP IRA cannot. Mike: Correct. That’s what I said. Those things get taken out for AGI, and traditional IRA goes back in for MAGI. So yes, an employer plan can be used to reduce MAGI, but a trad/SEP IRA cannot.

]]> By: nickel http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-35129 nickel Fri, 10 Nov 2006 21:44:34 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-35129 J: Yes, less than $100k whether or not you're married. Details in a forthcoming post. J: Yes, less than $100k whether or not you’re married. Details in a forthcoming post.

]]> By: MIke http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-35020 MIke Fri, 10 Nov 2006 18:11:15 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-35020 Don't think you're quite right on how it's computed. Did a little hunting on the IRS website for the definition of MAGI for Roth IRA contribution eligibility. http://www.irs.gov/publications/p17/ch17.html#d0e44219 According to it, Traditional IRA contributions are added back in, but it doesn't mention 401K contributions. So increasing your 401K contributions could increase your eligibility. Don’t think you’re quite right on how it’s computed. Did a little hunting on the IRS website for the definition of MAGI for Roth IRA contribution eligibility.
http://www.irs.gov/publication.....l#d0e44219

According to it, Traditional IRA contributions are added back in, but it doesn’t mention 401K contributions. So increasing your 401K contributions could increase your eligibility.

]]> By: J http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/comment-page-1/#comment-34946 J Fri, 10 Nov 2006 14:19:16 +0000 http://www.fivecentnickel.com/2006/11/10/what-is-modified-adjusted-gross-income-agi/#comment-34946 To convert from a rollover to a Roth you have to be under MAGI of $100k right? To convert from a rollover to a Roth you have to be under MAGI of $100k right?

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