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How do i figure out the MAGI for form 8962> Income is 55010 and adjusted income...

How do i figure out the MAGI for form 8962>

Income is 55010 and adjusted income is 46943; self employment tax is 2115, heath deduct for self employed is 1152, alimony 4800

And deduction from 8814 is 1400

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Answer #1

MAGI = Adjusted gross income + One-half of the self employment tax = $46,943 + ($2,115 x 1/2) = $48,020.50

None of the other items listed in the question above will have an effect on the MAGI. The following items are added back to AGI to get the MAGI:

Student loan interest

One-half of self-employment tax

Qualified tuition expenses

Tuition and fees deduction

Passive loss or passive income

IRA contributions, taxable social security payments

The exclusion for income from U.S. savings bonds

The exclusion under 137 for adoption expenses

Rental losses

Any overall loss from a publicly traded partnership

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