How this calculator works
Tax year: 2024 income definition worksheet. MAGI has no single universal formula. Marketplace MAGI adds excluded foreign income, non-taxable Social Security and tax-exempt interest to AGI. Medicare MAGI adds tax-exempt interest. For IRA contributions or other benefits, use their own IRS worksheet and enter only its required modifications in the purpose-specific mode. This tool does not calculate premium amounts or determine household eligibility.
Formula
Marketplace MAGI = AGI + excluded foreign income + non-taxable Social Security + tax-exempt interest. Medicare MAGI = AGI + tax-exempt interest. Custom worksheet MAGI = AGI + interest + other required add-backs - required subtractions.
Worked example
An AGI of $60,000 with $500 tax-exempt interest, $2,000 excluded foreign income and $3,000 non-taxable Social Security gives $65,500 Marketplace MAGI. Medicare MAGI for the same figures is $60,500.
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Frequently asked questions
Can I use Marketplace MAGI for my Roth IRA?
No. IRA eligibility has a different IRS worksheet. Select the purpose-specific mode only after identifying its required add-backs.
Does non-taxable Social Security count?
It is added for Marketplace MAGI, but not for Medicare MAGI in this worksheet.
Which year affects a Medicare surcharge?
Medicare normally uses income from an earlier tax return. This page calculates an income figure, not the coverage-year surcharge.