Adjusted Gross Income Definition

Adjusted Gross Income Sentence Examples

• The MAGI is your Adjusted Gross Income plus any deductions you might be taking on your tax return for student loans, higher education costs, IRA contributions or foreign housing.

• Eligibility - The maximum modified adjusted gross income (MAGI) for single taxpayers is $75,000 and $150,000 for married couples.

• The MAGI is a taxpayer's adjusted gross income plus the amount of any tax deductions such as IRA contributions, student-loans and college costs.

• The general guideline is that you can give up to 50% of your adjusted gross income in cash contributions, and 30 percent for property.