Posted on: 11th Oct, 2009 12:48 am
What is the meaning of modified adjusted gross income?
What is the way to calculate it?
What is the way to calculate it?
Hi leeelliot,
Modified adjustable gross income is the amount of income which determines how much can be deducted from an individual's IRA contribution. This is calculated by taking the individual's adjusted gross income and then adding certain items such as student-loan deductions, foreign income, foreign-housing deductions, IRA-contribution deductions and deductions for higher-education costs etc.
Thanks
Modified adjustable gross income is the amount of income which determines how much can be deducted from an individual's IRA contribution. This is calculated by taking the individual's adjusted gross income and then adding certain items such as student-loan deductions, foreign income, foreign-housing deductions, IRA-contribution deductions and deductions for higher-education costs etc.
Thanks