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MAGI

Modified Adjusted Gross Income

From the IRS:

Modified adjusted gross income adds certain amounts to your AGI.

MAGI determines:

  • If you qualify for certain government programs or tax benefits (including credits, deductions and exclusions)
  • How much you may contribute to certain accounts (including retirement, investment and health savings) and how much of these contributions you can deduct on your return
  • Whether you owe certain taxes like the net investment income tax

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