Comments on: Adjusted Gross Income and Modified Adjusted Gross Income http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/ Personal Finance Beyond Credit Cards and Balance Transfers Sun, 14 Mar 2010 16:25:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Anne http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/comment-page-1/#comment-124430 Anne Tue, 12 Jan 2010 02:20:56 +0000 http://www.moneybluebook.com/?p=472#comment-124430 Thanks for the information. We just received letters from SS that our Medicare premiums are going to $243.10 each, due to a MAGI of $422.090.00. I am disabled but my husband was in good health. After husband suffered a major stroke, we cashed in the 401K so we could build a house (payment free) and not have financial worries. We knew he'd never be able to work again. WHAT A MISTAKE. The 401K had a value of $342.922.00. A huge chunk was taken out for taxes, and when we filed our year end taxes, the final taxes paid for the year was $142,856.00, leaving our nest egg short. Did we build a new house....NO...we couldn't afford it. Now our SS Medicare Part B premium is jumping from $96.40 to $243.10 apiece, based on the capital gain from the 401K account we cashed in. My husband just became eligible for Medicare in June of 2009, but will pay a full year of premiums at the maximum rate, again, because of the MAGI. Thanks for the information. We just received letters from SS that our Medicare premiums are going to $243.10 each, due to a MAGI of $422.090.00. I am disabled but my husband was in good health. After husband suffered a major stroke, we cashed in the 401K so we could build a house (payment free) and not have financial worries. We knew he’d never be able to work again. WHAT A MISTAKE. The 401K had a value of $342.922.00. A huge chunk was taken out for taxes, and when we filed our year end taxes, the final taxes paid for the year was $142,856.00, leaving our nest egg short. Did we build a new house….NO…we couldn’t afford it. Now our SS Medicare Part B premium is jumping from $96.40 to $243.10 apiece, based on the capital gain from the 401K account we cashed in. My husband just became eligible for Medicare in June of 2009, but will pay a full year of premiums at the maximum rate, again, because of the MAGI.

]]> By: Helen http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/comment-page-1/#comment-95181 Helen Tue, 08 Sep 2009 20:23:24 +0000 http://www.moneybluebook.com/?p=472#comment-95181 Hello, MAGI is now being use to determine how much medicare you will pay- not only that SSI is using 2007 for application in 2009-which I have retired and not drawing SS. The Government just "slipped it in" The stimulus was figured using MAGI. Your site is very informative- Thank You Hello,

MAGI is now being use to determine how much medicare you will pay- not only that

SSI is using 2007 for application in 2009-which I have retired and not drawing SS.

The Government just “slipped it in”

The stimulus was figured using MAGI.

Your site is very informative- Thank You

]]> By: Joe http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/comment-page-1/#comment-76516 Joe Mon, 08 Jun 2009 20:46:42 +0000 http://www.moneybluebook.com/?p=472#comment-76516 This article is wrong. I was informed by a very reliable (and extremely attractive) tax professional that employee contributions to 401K are in fact added to the MAGI. This article is wrong. I was informed by a very reliable (and extremely attractive) tax professional that employee contributions to 401K are in fact added to the MAGI.

]]> By: Raymond http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/comment-page-1/#comment-5798 Raymond Wed, 02 Apr 2008 20:25:45 +0000 http://www.moneybluebook.com/?p=472#comment-5798 Hey Ken, Yeah these are terms that are frequently used but often overlooked. The "modified" part seems to slip people's minds due to the frequent similarity of the AGI and MAGI. Hey Ken,

Yeah these are terms that are frequently used but often overlooked. The “modified” part seems to slip people’s minds due to the frequent similarity of the AGI and MAGI.

]]> By: Ken Clark, CFP http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/comment-page-1/#comment-5794 Ken Clark, CFP Wed, 02 Apr 2008 19:34:26 +0000 http://www.moneybluebook.com/?p=472#comment-5794 Classic... I did just a piece on this as well because I get asked about it so much! Great write up! -Ken Classic… I did just a piece on this as well because I get asked about it so much!

Great write up!

-Ken

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