Modified Adjusted Gross Income

10 replies
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Does anyone know if there is a worksheet or report that contains the clients MAGI? I recognize there are many uses or reasons for needing MAGI, I'm asking in general if ProSeries provides this calculation anywhere?

ProSeries Professional

IRonMaNAnswer

Level 15

I haven't accidently bumped into it at any point in time that I can remember, so I don't believe so. But I've been wrong before so someone could still prove me wrong.

Slava Ukraini!

IRonMaNAnswer

Level 15

I haven't accidently bumped into it at any point in time that I can remember, so I don't believe so. But I've been wrong before so someone could still prove me wrong.

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

I don't think so, Ive never seen it, I always do it manually for ACA clients

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

jgm6520

Level 4

How do you calculate it for ACA clients?

Just-Lisa-Now-

Intuit Community Champion

@jgm6520 wrote:

How do you calculate it for ACA clients?

ACA includes 100% of SS income in the MAGI, there might be a few other additions/omissions, but that seems to be the most common one. Im sure healthcare.gov has an MAGI FAQ section.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

MAGI isn't a set thing. You mentioned there are many uses or reasons for MAGI, but each of those uses/reasons may calculate MAGI differently for that specific purpose. There are about a dozen different forms of MAGI, depending on what the MAGI is being used for.

You would need to clarify which MAGI you are looking for.