BAR833
Level 1
‎02-18-2023 02:16 PM

Program is calculating educational tax credit on AGI NOT MAGI

AGI is over the $180,000 MAGI is only $135,000

 

Am I missing something

 

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Terry53029
Level 15
Level 15
‎02-18-2023 02:23 PM

Are you sure you are using the MAGI for education. It is AGI minus the following for education.          

  • Foreign earned income exclusion
  • Foreign housing exclusion
  • Foreign housing deduction
  • Exclusion of income by bona fide residents of American Samoa or Puerto Rico.
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BAR833
Level 1
‎02-18-2023 02:31 PM

The MAGI that automatically populates shows the $135,000

It appears not to include SS benefits as they are written off on schedule A as Repayments, all went to LTD third party??!!??

 

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BAR833
Level 1
‎02-18-2023 02:32 PM

SS disability payments to be clear

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Terry53029
Level 15
Level 15
‎02-19-2023 09:05 AM

@BAR833 if your client does not have any of the Items that are deducted from AGI for the education credit (some credits have different items to arrive at MAGI not all the same) then the program is correct to use the AGI 

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