The term modified adjusted gross income (MAGI) refers to an individual’s adjusted gross income (AGI) after taking into account certain allowable deductions and tax penalties. An understanding of MAGI can help reduce your taxable income (to account for your retirement account contributions) and plays a role in eligibility for benefits like the student loan interest deduction and the Child Tax Credit. MAGI also helps you establish eligibility for income-based Medicaid coverage or health insurance subsidy
5 Financial Services Loyalty Programs That Go Beyond Free Flights
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