Modified adjusted gross income (MAGI) is often used by the IRS and other federal agencies to determine your eligibility for ...

I’ll reach my RMD distribution age in 2026, and I’m trying to figure out how much I can transfer from my traditional TSP ...

The ‘big beautiful bill’ hiked the child tax credit to $2,200 in 2025, up from $2,000 in 2024. Here’s who qualifies for this ...

Experts say retiree Social Security is still taxable and you'll need to read the fine print to understand your situation and ...

President Donald Trump repeatedly promised on the campaign trail that he would eliminate taxes on Social Security benefits. Now, his administration claims he has delivered on that promise with ...

Navigating the complexities of federal taxation on Social Security benefits can be daunting. Despite recent legislative ...

To calculate modified AGI for purposes of the income threshold for taking the $6,000 senior deduction, you begin with your adjusted gross income on line 11 of your Form 1040 and add any foreign ...

The deduction is subject to phaseout based on modified adjusted gross income. Once a taxpayer’s MAGI reaches $75,000 ($150,000 for joint returns), the deduction gradually phases out.

President Trump's "big, beautiful bill" included a "senior bonus," a new temporary tax deduction for Americans over 65.

If the client’s modified adjusted gross income from two years ago tops a certain threshold, then the surcharge kicks in. The current year amount is based on the tax returns and income from two ...

The National Association of Tax Professionals, which has 23,000 members, offered an example for a 70-year-old retiree who is single and has a modified adjusted gross income (MAGI) of $90,000.