What is the difference between AGI and Magi?

Approved answer

Understanding MAGI

MAGI, or Modified Adjusted Gross Income, is calculated by taking your adjusted gross income (AGI) and adding any of the following elements, if applicable: untaxed foreign earnings, non-taxable Social Security benefits, and tax-exempt interest income. For a significant number of individuals, the figure for MAGI will closely resemble their AGI or may even be identical.