Tax Law (Questions About Taxes)/MAGI

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Question
Mr. Tyler
Medicare D may levy a surcharge on it's monthly premium if ones MAGI exceeds certain ammounts. I can see my AGI on my 1040, but where is (or how do I calculate) my MODIFIED AGI?
Thanks.
DBRJ

Answer
Dave,

First, the surcharge is on Part B and D and is based on the prior 2 years MAGI. Generally, your modified adjusted gross income (MAGI) is the total of your adjusted gross income and tax-exempt interest income you may have. These are the amounts on lines 37 and 8b of IRS from 1040. Some examples of income are: wages, salaries, tips, taxable interest, certain dividends, business income, capital gains, and unemployment compensation, as well as annuities, Social Security payments and some pensions.

Here is a link to the info:

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/1601/~/calculation-of-modifi(magi)

Take care,

Tax Law (Questions About Taxes)

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Bruce W. Tyler, EA

Expertise

I can answer questions with regard to the following: Preparation/Tax Law regarding Individual Income Tax (IRS and California), Audit Representation/IRS Procedures of personal and corporate income tax including appeals, IRS Collection procedures for individuals, partnerships and corporations, Offers-in-Compromise, Installment Payment Plans, Penalty Abatement,Income from Cancellation of Debt. Heavy experience with Public Safety (i.e. Firefighters, Police Officers, Correctional Officers, etc) as well as medical industry.

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21 years in tax preparation and representation

Organizations
National Association of Enrolled Agents

Education/Credentials
4 years of accounting at Woodbury University/UCLA Extension

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