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The AGI is then adjusted or “modified” further to get to the MAGI. For a single filer, the deduction is completely phased out if income is $250,000 over the MAGI threshold.

Modified adjusted gross income, or MAGI, is a crucial tax term to know if you want to qualify for valuable tax benefits.

It is, however, subject to a rather harsh downward adjustment for taxpayers with “modified adjusted gross income” over $500,000 (up $100,000 from the previous House proposal).

The modified adjusted gross income (MAGI) you report on your tax return is used to determine if you qualify for certain tax benefits.

Adjusted gross income is your total gross income minus "above the line" deductions like your 401(k) contributions. Learn how to find your adjusted gross income and why it matters.