Gross Income – This is the money you earn from all sources, including wages, tips, investment income, pension or rents.Modified Adjusted Gross Income – Breaking it downįiguring out your Modified AGI starts with your Gross Income and then your AGI. Learn more about MAGI and where to go for help determining it here. “What is Modified Adjusted Gross Income,” you wonder? Modified Adjusted Gross Income (or MAGI for short) is an important tax term to understand for a number of reasons. MAGI can vary depending on the tax benefit. ![]() The IRS uses your MAGI to determine your eligibility for certain deductions, credits and retirement plans. Modified Adjusted Gross Income (MAGI) in the simplest terms is your Adjusted Gross Income (AGI) plus a few items - like exempt or excluded income and certain deductions.
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