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Video instructions and help with filling out and completing adjusted gross income calculator

Instructions and Help about adjusted gross income calculator

Hello and thanks for joining us for a closer look at the modified adjusted gross income calculation I'm pretty McBride of ABC for help one of the partner agencies on the Wisconsin coverage connections project a project that's designed to make sure that kids that are eligible for Badger Care Plus are connected in the state of Wisconsin what is Magi well the acronym stands is part of modified adjusted gross income it's essentially a new way of calculating gross income it's used for the marketplace it's used for BadgerCare plus and it looks a lot like how you calculate your income on your taxes you might be used to hearing about adjusted gross income AGI that's the way that you would put your income down on your taxes which means you're putting some of your income information that's earned salary wages tips and you're taking deductions for things that are allowable it used to be in BadgerCare plus eligibility you were counting numerous sources of income that technically now can be deducted out so we're going to take a quick look at what that looks like so here's the breakdown its AGI adjusted gross income minus deductions plus adding back in some select income items were appropriate let's go through what that looks like first of all step one what can you count as your income you're going to start by putting numbers on the table your wages your salary tips you might make taxable interest ordinary dividends alimony received any kind of partnership or trust that you might have real estate royalties all of those are counted sources of income then you're going to subtract out some deductions and this would be some educator expenses or alimony paid or if you make a contribution to an IRA or if you've moved and had moving expenses maybe you're a teacher and you buy supplies for your classroom there is a list of deductions that is allowed so you subtract that out of that first page of income that's counted out of your wages and salaries and tips then you might have to add in a couple other sources of income like tax interest alimony received Social Security benefits like SSDI not SSI but SSDI do not count as income veterans disability benefits workers compensation any child support that's received there's a long list of things you're not gonna count what's the big picture on modified adjusted gross income it's to remember that sometimes we have people that are really close to the edges of eligibility for either a marketplace plan or a tax credit or for cost-sharing reduction eligibility or for BadgerCare plus and it is possible that that family might be counting more of their income than what is allowed under the rule you don't want to have any mistakes when you're looking at people that are on the fringes of eligibility we see people every day that make contributions to IRAs or have educator expenses or.

FAQ

How is adjusted gross income on a W-2 calculated?
Adjusted Gross Income is not calculated on a W2. Adjusted Gross Income AGIis calculated on an individual’s income tax return.Gross Income is the total of all selfemployed business profits farm profitswages retirement income and all other nonexcluded Income. From this you areallowed to deduct certain things. These deductions are referred to asadjustments or if you are very old abovetheline deductions. Thesedeductions are typically related to taxdeferrals. Deductions like IRAcontributions HSA contributions and Health Insurance payments for selfemployed taxpayers are all allowed as adjustments to Gross Income.Other deductions such as Charitable Contributions and Mortgage Interest arecalled Itemized Deductions or BelowtheLine Deductions.
How can we calculate adjusted gross income when the assessment is eligible foran 80G and an 80GG deduction?
Adjusted GTI is GTI as reduced by short term capital gain us 111A long termcapital gains and all deductions under Chapter VIA except 80G80GG.In simpler wordsAdjusted GTI GTI Short term capital gain us 111A Long term capitalgain All deductions under Chaptet VIA except section 80G or 80GG as thecase may be