Ingresos brutos ajustados (AGI) frente a ingresos brutos ajustados modificados (MAGI)

Key points in this article: Your adjusted gross income (AGI) and modified adjusted gross income (MAGI) both represent your total income after a few subtractions or additions are made. AGI is usually a reduced version of your taxable income after certain deductions are made. MAGI is your AGI after further subtractions or additions, such as IRA contributions, self-employment tax, and others. Both AGI and MAGI are used by the IRS to determine whether you qualify for certain credits or additional deductions. Your MAGI is recognized by the IRS but does not appear on your tax return.

When it comes to calculating your taxes, you will often hear two different terms regarding income: Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI). You probably know that deductions are involved, and that one somehow follows the other (right?), but the details probably make you scratch your head by the end of the explanation.

Don’t worry, we’ll give you the ultimate breakdown for both AGI and MAGI so you’ll become a tax wiz in no time — or at least you’ll be able to figure out your tax forms a little better. Either way, don’t miss this guide!

¿Cuál es la diferencia entre su AGI y su MAGI?

Tanto el AGI como el MAGI son importantes para determinar su deuda de impuestos, así como el monto de los créditos fiscales y deducciones fiscales que pueden ayudar a reducir su balance de impuestos. Es probable que su AGI y su MAGI se acerquen en valor. En muchos casos, el AGI y el MAGI de un contribuyente son la misma cifra, dependiendo del tipo de gastos que haya tenido durante el año.

Comprender la diferencia entre su AGI y su MAGI le ayudará a determinar qué tasa o tasas de impuesto se le aplican y qué exenciones fiscales tiene a su disposición.

RELACIONADO: 2019: Tasas de impuestos federales, categorías fiscales y deducciones estándar

Ingresos brutos ajustados (AGI)

Your AGI is the most commonly used income figure and can be defined as a modification of your gross income; that is, the total income you got in a tax year from any qualifying source. It generally includes all of the income you earn, minus certain adjustments. It’s used to determine your income bracket for tax purposes.

Not only that, but calculating your AGI is the starting point to determining whether you’ll be eligible for certain tax credits, deductions and other benefits.

Allowed Deductions On Your AGI

El AGI se refiere a sus ingresos totales del año, menos ciertos ajustes que permite el IRS. Estos ajustes figuran en las Instrucciones para el Formulario 1040 y en el Anexo 1 (Formulario 1040 o 1040-SR). Incluyen elementos como:

• Health Savings Account (HSA) Contributions: You can claim a tax deduction on your contributions to an HSA (as long as they’re not made by your employer)
• Retirement Contributions: Contributions to traditional IRAs and 401(k)s, along with a few other qualifying retirement accounts, can be deducted.
• Tuition And Other Educational Fees: Up to a certain limit, qualified education expenses can be deducted from your AGI.
• Self-Employment Taxes: Self-employed taxpayers can deduct a portion of their self-employment tax.
• Student Loan Interest: You can deduct up to $2,500 of paid interest on qualified student loans.
• Alimony Payments: If your divorce was finalized before 2019 and you pay alimony, those payments can be deducted.
• Moving Expenses: Active-duty military personnel can claim deductions on their unreimbursed moving expenses.

Una vez que se restan los elementos permitidos de sus ingresos, se obtiene su AGI.

Su AGI determina si usted califica o no para ciertos créditos fiscales, como el Crédito por ingresos del trabajoTambién hay varias deducciones fiscales que dependen de su AGI, incluyendo el total de sus deducciones detalladas, las primas del seguro hipotecario y las deducciones médicas permitidas.

Example Calculation Of Adjusted Gross Income

Let’s say your total gross income for the 2024 tax year is $70,000. This amount includes your wages, bonus, and all other qualifying sources of income. All you have to do now is subtract every qualifying deduction; for this example, we’ll use traditional IRA contributions, Health Savings Account (HSA) contributions, and student loan interest.

• IRA contribution: $4,000
• HSA contribution: $2,500
• Student loan interest: $1,300

Your AGI will be calculated as follows:

1. Add up qualifying deductions: $4,000 + $2,500 + $1,300 = $7,800
2. Subtract your deductions from your gross income: $70,000 – $7,800 = $62,200
3. Your Adjusted Gross Income is $62,200.

RELACIONADO: Las 5 principales deducciones fiscales para los individuos

Ingreso bruto ajustado modificado (MAGI)

Su MAGI difiere de su AGI en que puede ser más alto, con ciertos ajustes añadidos. Estos ajustes pueden incluirelementos que se restaron previamente de sus ingresos para llegar a su AGI (véase la sección anterior). Para la mayoría de los contribuyentes, su MAGI es igual a su AGI antes de restar cualquier deducción por intereses de préstamos estudiantiles.

Items Added To Your MAGI After Calculating Your AGI

Algunos elementos que pueden aumentar su MAGI pueden ser los siguientes:

• Foreign Earned Income: All foreign earned income must be added back to the MAGI if you excluded it from your AGI.
• IRA Contributions: After subtracting your contributions to traditional IRAs to calculate your AGI, you must add them back to your MAGI.
• Tax-Exempt Interest: All interest from tax-exempt bonds factor into your MAGI.
• Student Loan Interest: You guessed it, your student loan interest comes back for your MAGI after being deducted from your AGI.
• Rental Losses: This one is more context-dependent than other factors, but in general they are also added back to your MAGI.

Al igual que su AGI, su MAGI puede determinar si usted califica para ciertos beneficios fiscales. Uno de los más populares es la posibilidad de deducir sus aportaciones a la cuenta IRA en su declaración de impuestos. Sin embargo, puede que no califique para esa deducción si su MAGI está por encima de un determinado nivel.

RELACIONADO: Ingresos gravables vs. Ingresos no gravables

Calculating Your MAGI

To make things easier, let’s begin with the AGI we calculated in the last example: $62,200. To calculate your MAGI, you need to add all eligible items outlined by the IRS, some of which were originally deducted from your gross income to calculate your AGI.

 

For this example, let’s use the following items:

 

• IRA contribution (added back): $4,000
• Student loan interest (added back): $1,300
• Foreign earned income: $2,800
• Tax-exempt interest: $1,100

 

Your MAGI will be calculated as follows:

 

1. Add up all items: $4,000 + $1,300 + $2,800 + $1,100 = $9,200
2. Add your the total sum of your qualifying items to your AGI: $62,200 – $9,200 = $71,400
3. Your Modified Adjusted Gross Income is $71,400.

Why Is It Important To Know The Difference Between AGI and MAGI?

Now that you know that calculating your AGI and MAGI is not as hard as you thought, you should understand why both of them are of vital importance when doing your tax return. AGI is not only the bedrock of your taxable income (which directly affects your overall tax liability), it also determines if you’re eligible for multiple tax deductions and credits.

On the other hand (and equally important), your MAGI is used by the IRS to determine if you qualify for several tax benefits and a few government programs that cannot be determined by your AGI alone. If you plan to apply for these benefits, knowing your MAGI beforehand can save you time and a lot of frustration.

Getting the help of a professional when calculating either (or both) of them can go a long way to avoid costly mistakes and get as many tax savings as possible.

Conclusión

Si contrata a un profesional de impuestos para preparar su declaración de impuestos, éste podrá calcular su AGI y su MAGI por usted. También pueden explicarle cómo afectan ambos montos a los créditos y deducciones fiscales a los que usted es elegible. La mayoría de los programas informáticos de preparación de impuestos también calcularán esas cifras por usted.

Si usted está preparando su propia declaración de impuestos, tendrá que investigar qué desgravaciones fiscales se ven afectadas por el AGI y el MAGI para que pueda determinar el monto de su ahorro fiscal.

RELACIONADO: ¿Quién tiene que presentar una declaración del impuesto federal sobre los ingresos?

Adjusted Gross Income (AGI) vs. Modified Adjusted Gross Income (MAGI): Frequently Asked Questions

1. What is Adjusted Gross Income (AGI)?

The AGI, as defined by the IRS, is your total gross income for the year minus certain allowed deductions. The resulting amount represents your taxable income before you make any itemized or standard deductions.

2. What is Modified Adjusted Gross Income (MAGI)?

After calculating your AGI, your MAGI “adds back” certain tax exemptions or deductions, but also tax penalties. The IRS uses your MAGI to check if you’re qualified to claim benefits such as student loan interest reductions or the Child Tax Credit.

3. What is the importance of MAGI?

The IRS will take your MAGI into consideration for determining your eligibility for various tax benefits and programs, such as:

• Roth IRA Contributions.
• Premium tax credits under the ACA.
• Deductions for student loan interest, as mentioned before.
• Any means-tested benefits, such as the Child Tax Credit.

4. Which is more important — AGI or MAGI?

Both your AGI and MAGI are important since both are used by the IRS to determine basic aspects of your tax return. The AGI determines your overall taxable income, which directly affects your tax liability for that year. On the other hand, you will need your MAGI to prove you qualify for specific credits and benefit programs.

5. How can I reduce my AGI?

There are a couple of ways to reduce your AGI with some common deductions, such as:

• Contribute to a Health Savings Account (HSA).
• Contribute to a traditional IRA.
• Contribute to your spouse’s IRA.
• Apply for all credits and deductions you qualify for.
• If you are self-employed, your health insurance premiums are deductible.
• While not the biggest money saver out there, student loan interests are also deductible.

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