MAGI Formula

The sum of total of gross income adjusted for household expenses, any tax exempts and non-taxable security benefits is called as MAGI or Modified Adjusted Gross Income. This MAGI formula helps you in Modified Adjusted Gross Income calculation with the known values of adjustable tax income, non-taxable social security benefits, tax-exempt interest and excluded foreign income. Modified Adjusted Gross Income Formula needs only addition operation to get the MAGI value.

Modified Adjusted Gross Income Formula

Formula:

MAGI = AGI + NT + TI + FI


Where,
MAGI = Modified Adjusted Gross Income (MAGI)
AGI = Adjusted Gross Income (AGI)
NT = Non-Taxable Social Security Benefits
TI = Tax-Exempt Interest
FI = Excluded Foreign Income

Note:
AGI : As defined by the IRS, AGI is Gross income minus adjustments to income
NT : Social security benefits not included in gross income
TI : Interest income that is not subject to federal income tax
FI : Foreign earned income excluded from taxation of individuals who live in abroad

Related Calculator:

The MAGI formula in this page will be a very useful one for the US citizens to calculate their modified AGI. Just substitute a number of dollars in Modified Adjusted Gross Income formula to get the MAGI in dollars.


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