I am trying to estimate my Income related monthly adjustment amounts (determines how much my Medicare payment will be). It calls for the modified adjusted gross income
MAGI for IRMAA is simply Adjusted Gross Income (AGI) plus tax-exempt interest. But your IRMAA is based on your MAGI from two or three years ago. For example, your IRMAA for 2024 will usually be based on your 2022 tax return, or possibly your 2021 tax return. On your 2021, 2022, or 2023 tax return, the MAGI for IRMAA is Form 1040 line 11 plus line 2a.
For this information, you will have to pay for TurboTax to see the worksheets that go with your tax return. However, suppose you want to calculate your MAGI for your purposes, for instance, to see how much of your Social Security Income is taxable, or to see the maximum contribution to your retirement account. In that case, you can complete the 590 A 2024 form found on the IRS website, beginning on page 15, which provides Worksheet 1-1, line 7, to figure your modified AGI for traditional IRA purposes. Worksheet 2-1, line 10, is for Modified Adjusted Gross Income for Roth IRA Purposes. I hope this helps and reduces the hostility for asking a very important question, because it is not the same as AGI.
TurboTax Expert Assist
Get answers to all your tax questions
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.