Modified adjusted gross income (MAGI) is individual's adjusted gross income (AGI) after taking into account certain allowable deductions and tax penalties. MAGI is an important number to ...

Traditional 401(k) contributions effectively reduce both adjusted gross income (AGI) and modified adjusted gross income (MAGI). Participants can defer a portion of their salaries and claim tax ...

MAGI helps gauge tax benefit eligibility, like Roth IRA and Child Tax Credit participation. MAGI is AGI adjusted by adding back certain deductions like student loan interest. Understanding MAGI ...

As 2024 comes to a close, it’s important to consider a key tax planning aspect: managing modified adjusted gross income (MAGI). This often-overlooked and confusing figure can have significant ...