Business and Personal Finance Dictionary

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• MODIFIED ADJUSTED GROSS INCOME (MAGI)
  
  Some deductions and credits rely not on a taxpayer's adjusted gross income (AGI), but the individual's modified adjusted gross income. This generally is regular AGI plus or minus various credits, deductions, previously excluded or exempted income, etc. The precise additions or subtractions to AGI to reach MAGI depend upon which credit or deduction the taxpayer is seeking.
  
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