Retiree Tax Questions
What is MAGI?
Modified Adjusted Gross Income is your total income before some deductions. Look at Line 11 on your Form 1040—for most seniors, MAGI and AGI are the same.
Does Social Security count as income?
Only the taxable portion of your Social Security benefits is included in the MAGI used for the OBBBA calculation.
Can I claim $12,000 if my spouse is under 65?
No. Each qualifying person must be 65 or older. If one spouse is 64, only $6,000 can be claimed on the joint return.