What line is the MAGI on on the new 1040's??

[Penelope]

It use to be on line 36 of the front page.

The 1040 is totally different.

 

[rightwinger]

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

 

[depotoo]

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

But others doubled.

 

[Penelope]

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

But others doubled.

What has doubled?

 

[depotoo]

It is listed as agi.
Student Loan Interest Deduction
• You, or your spouse if filing joint- ly, aren't claimed as a dependent on someone else's (such as your parent's) 2018 tax return.
Use the worksheet in these instruc- tions to figure your student loan interest deduction.
Exception. Use Pub. 970 instead of the worksheet in these instructions to figure your student loan interest deduction if you file Form 2555, 2555-EZ, or 4563, or you exclude income from sources within Puerto Rico.
Qualified student loan. A qualified student loan is any loan you took out to pay the qualified higher education ex-
penses for any of the following individu- als who was an eligible student.
1. Yourself or your spouse.
2. Any person who was your de- pendent when the loan was taken out.
3. Any person you could have claimed as a dependent for the year the loan was taken out except that:
a. The person filed a joint return;
b. The person had gross income that
was equal to or more than the exemption amount for that year or $4,150 for 2018; or
You can take this deduction only if all of the following apply.
• You paid interest in 2018 on a qualified student loan (defined later).
• Your filing status is any status ex- cept married filing separately.
• Your modified adjusted gross in- come (AGI

 

[depotoo]

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

But others doubled.

What has doubled?

Standard deduction is now $12,000 or head of household is $18,000

 

[depotoo]

Adjusted gross income is line 7 on form 1040.

 

[Penelope]

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

But others doubled.

What has doubled?

Standard deduction is now $12,000 or head of household is $18,000

Yes and they took away personal deductions. I know where the AGI is , but what line are the subtraction for your MAGI located?

 

[Penelope]

so one is not allowed to deduct for contribution to an Traditional Ira or self employed health ins. anymore??

 

[depotoo]

No, they didn’t see schedule a
https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
And there is no modified adjusted income line on the 2017 form 1040
https://www.irs.gov/pub/irs-prior/f1040--2017.pdf

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

But others doubled.

What has doubled?

Standard deduction is now $12,000 or head of household is $18,000

Yes and they took away personal deductions. I know where the AGI is , but what line are the subtraction for your MAGI located?

 

[depotoo]

so one is not allowed to deduct for contribution to an Traditional Ira or self employed health ins. anymore??

2018 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions If You ARE Covered by a Retirement Plan at Work | Internal Revenue Service

 

[depotoo]

Here is a link to all the forms, et al, this year
Forms and Instructions (PDF)


And instructions for the 1040 and worksheets
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

 

[Toddsterpatriot]

so one is not allowed to deduct for contribution to an Traditional Ira or self employed health ins. anymore??

• Eligibility is determined month-by-month
  You can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an employer-subsidized health plan. For example, if you were single and ineligible for any employer-provided health plan during the last six months of the year because you left your job and started your own business, you can claim the deduction for premiums you paid for coverage during that six-month period.
• Earned income limitation
  The deduction cannot exceed the earned income you collect from your business. For example, if your self-employment activity is a sole proprietorship that generated a tax loss for the year, you’re not allowed to claim the deduction because the business doesn’t generate any positive earned income.
• Partners and LLC members
  Partners and LLC members who are treated as partners for tax purposes are considered to be self-employed. If you fit into this category and directly pay your own health insurance premiums, you can claim the page 1 deduction. If the partnership or LLC pays the premiums, special tax reporting rules apply to the partnership’s or LLC’s return, but you can still claim the deduction for premiums paid for your coverage. In both instances, the deduction is subject to the month-by-month eligibility rule and the earned-income limitation.

Deducting Health Insurance Premiums If You're Self-Employed - TurboTax Tax Tips & Videos

The IRA contribution limit is $5,500 for 2018, rising to $6,000 for 2019. If you are age 50 or over, you can contribute an extra $1,000 as a catch-up contribution.

How Much Can You Contribute to a Traditional IRA for 2018?

 

[WillowTree]

They completely overhauled taxes in 2018

Haven’t seen the new forms but many of my deductions are gone

But ewe love paying taxes right! Why would ewe want a deduction?

 

[MarcATL]

The Trump Tax Scam is only STARTING to bite citizens in the ass.

Enjoy it folks!!!

 

[Toddsterpatriot]

The Trump Tax Scam is only STARTING to bite citizens in the ass.

Enjoy it folks!!!

It's only gonna bite the rich ones in high tax states.

Hear the rich liberals whine!!!