MAGI (Modified Adjusted Gross Income)

Can I find the MAGI amount anywhere on the Tax Report?

The short answer is both yes and no. The long answer is because there are different definitions of MAGI depending on the application, there are different calculations of MAGI.

The "Modified Adjusted Gross Income Tiers" section on the Tax Report list out the different calculations of MAGI to which a client may be subject, and which planning opportunities use that specific calculation of MAGI. There are "eyeball" icons by these calculations that allow the advisor to show or hide each available MAGI tier in the report or not, depending on applicability to your client's situation.

 

The formulas for these various definitions are displayed as well at the bottom of the MAGI section, but individual definitions can be hidden, or all formulas hidden by clicking the teal "Hide All Formulas" button seen below.



There is also a MAGI calculation specific to any IRMAA (Income Related Monthly Adjustment Amounts) surcharges on Medicare Part B/D Premiums, which you can see on the "Medicare Part B/D Premiums for YYYY" section on the Tax Report as well. Remember though, the two year lookback for Medicare Part B/D Premiums. In the example below, the premiums for 2025 shown below were influenced by MAGI as reported on the 2023 return, two years prior.