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Category:
Tax Planning

AGI/MAGI Summary Guide

Related Guide: Important Numbers

Updated 12/1/2023

A client’s adjusted gross income (AGI) and modified adjusted gross income (MAGI) are important tax concepts to be aware of when implementing tax planning strategies. However, there are several factors that affect one’s AGI/MAGI, and it can be challenging to keep track of them all. That’s where you step in.

With this guide, you will have the tools to make a quick assessment of your client’s AGI/MAGI when developing your tax planning recommendations. This summary covers the key factors to be aware of when reviewing one’s AGI/MAGI, such as:

  • What income sources to include, and items to deduct, when determining one’s AGI
  • Examples of tax credits, tax deductions, and other important tax concepts that are impacted by one’s MAGI
  • What items need to be factored into one’s MAGI calculation
  • Other important MAGI-related nuances to be aware
Related Guides
Can I Make A Deductible IRA Contribution?
Category: Working / Accumulation Phase, Tax Planning, Assets and Investment Planning, General
Can I Make A Mega Backdoor Roth Contribution?
Category: Working / Accumulation Phase, Tax Planning, Assets and Investment Planning
Can I Make A Deductible Contribution To My HSA?
Category: Working / Accumulation Phase, Tax Planning, Assets and Investment Planning

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