Health Care

Health Care

How do health care reform and taxes connect? The Affordable Care Act is single largest change to the tax code in two decades. Find help navigating the complexities of the new health care legislation, Medicare, Medicaid and other medical deductions.

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Pioneer
Posts: 1
Registered: ‎04-19-2017

Modified AGI

Hey, when i calculate my modified do i need to add all my rents received(schedule e line 3) to the agi or just total rental income(schedule e line 26)?
Thanks
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Tax Pro
Posts: 5,524
Registered: ‎02-23-2016

Re: Modified AGI

Hi Bgreen83,

 

Welcome to the H&R Block community.

 

 

Modified AGI for purposes of Form 8962 (Premium Tax Credit) includes your total rental income (not rents received).  The exact formula is ADJUSTED GROSS INCOME + NON-TAXABLE INTEREST + EXCLUDED SOCIAL SECURITY + EXCLUDED FOREIGN INCOME.  Your rental income will already be included in your adjusted gross income.

 

Modified AGI may be different for a different credit or deduction.  I assume you are referring to MAGI for the premium tax credit since you posted in the health forum.

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)