To go down to another level, your adjusted gross income is based on your gross income. If you’re self-employed, your health insurance payments and retirement plan contributions could be used as well. These deductions include IRA contributions, alimony payments, health savings account contributions, and student loan interest. ![]() Your adjusted gross income is an individual’s total gross income minus specific deductions. Let’s dig in and see how understanding your MAGI can help with your taxes! What Exactly is Modified Adjusted Gross Income (MAGI)?Īs you probably guessed by the name, your MAGI is based on your adjusted gross income. One of them is your modified adjusted gross income (MAGI). Some especially key terms involve your income. ![]() ![]() Becoming more familiar with tax terms means you’re better able to review and make sure you’re getting the most out of tax benefits.
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