AGI, MAGI, ets-question for accountants

4 Replies

 I have couple of question for accountants:

1) Is there anywhere on a tax form that calculates your total income?

Total income: from everything; from W2 + from rentals, + every other income , without any deductions. Everything, all the incomes combined...

I googled it and it says that its on a line 22 of 1040 form, but somehow that line is empty (I did my taxes through turbotax)

2) That total income is going to be always more than MAGI (modified adjusted gross income), right?

Thank you!

On the 2019 1040, line 7b is going to list your total income. After this, you subtract out certain adjustments to your total income (many people won't have adjustments here). The resulting number is your adjusted gross income, "AGI." AGI is now line 8b.

You're referring to the 2017 1040 -- where line 22 was total income. But this form is out of date and has substantially changed over the last two years.

MAGI is your AGI with any tax-exempt interest income and certain deductions added back. So you have it backwards, if anything your MAGI will be equal to or higher than your total income.

Originally posted by @Ryan Lane :

On the 2019 1040, line 7b is going to list your total income. After this, you subtract out certain adjustments to your total income (many people won't have adjustments here). The resulting number is your adjusted gross income, "AGI." AGI is now line 8b.

You're referring to the 2017 1040 -- where line 22 was total income. But this form is out of date and has substantially changed over the last two years.

MAGI is your AGI with any tax-exempt interest income and certain deductions added back. So you have it backwards, if anything your MAGI will be equal to or higher than your total income.

Thank you so much!

 So MAGI could be higher than my total income. Is there an easy way to calculate that MAGI? Something like Magi calculation for dummies...


(I am trying to figure out that MAGI thing to see if I can still do a contribution to a Roth IRA because I worry my MAGI might be more than
allowed for Roth IRA contributions)

Would you say if I just take my w2 income and add rents? tips, to it and all other sources of income, then I will for sure will have a number that will be more than MAGI? So if this number is less than 139K (which is allowable for singles to qualify for a RothIRA in 2019) then I qualify for Roth...


Hi, @Mary Jay . You would take your wages, taxable interest, ordinary dividends, taxable social security income, etc. Add that all together. Then add in the net income from any schedule C business or schedule E rentals and pass-throughs. That will approximate your MAGI because some of the adjustments you to total income to arrive at AGI have to be added back for MAGI purposes. Though you'd need to add back losses from PTPs, rental losses, and some other pieces.

When in doubt, speak with a CPA who is well versed in your situation and they'll be able to provide a more definitive number for you.