What is Modified Adjusted Gross Income, or MAGI?

Explanation of MAGI, or Modified Adjusted Gross Income. There are various definitions of MAGI used throughout the U.S. tax code. This video discusses the six you're most likely to come across in retirement planning:

👉 MAGI for deductibility of traditional IRA contributions
👉 MAGI for eligibility of making Roth IRA contributions
👉 MAGI for Medicare premium surcharges known as IRMAA
👉 MAGI for ACA premium tax credit eligibility
👉 MAGI for the Net Investment Income Tax, or NIIT
👉 Provisional Income (not really a MAGI...) for determining how much of your Social Security benefits may be federally taxable

Links in this video:

Retirement Planning Insights - https://www.tenonfinancial.com/newsle...
Taxes in Retirement -   / taxesinretirement  
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#MAGI #ModifiedAdjustedGrossIncome #TaxPlanning

DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.