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

Discussion in 'Economy' started by Penelope, Jan 14, 2019.

  1. Penelope
    Offline

    Penelope Diamond Member

    Joined:
    Jul 15, 2014
    Messages:
    41,913
    Thanks Received:
    3,712
    Trophy Points:
    1,845
    Ratings:
    +23,438
    It use to be on line 36 of the front page.

    The 1040 is totally different.
     
  2. rightwinger
    Online

    rightwinger Award Winning USMB Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    192,821
    Thanks Received:
    27,869
    Trophy Points:
    2,190
    Ratings:
    +101,387
    They completely overhauled taxes in 2018

    Haven’t seen the new forms but many of my deductions are gone
     
    • Agree Agree x 1
    • Winner Winner x 1
  3. depotoo
    Offline

    depotoo Platinum Member

    Joined:
    Sep 9, 2012
    Messages:
    34,367
    Thanks Received:
    7,885
    Trophy Points:
    1,160
    Ratings:
    +24,408
    But others doubled.
     
  4. Penelope
    Offline

    Penelope Diamond Member

    Joined:
    Jul 15, 2014
    Messages:
    41,913
    Thanks Received:
    3,712
    Trophy Points:
    1,845
    Ratings:
    +23,438
    What has doubled?
     
  5. depotoo
    Offline

    depotoo Platinum Member

    Joined:
    Sep 9, 2012
    Messages:
    34,367
    Thanks Received:
    7,885
    Trophy Points:
    1,160
    Ratings:
    +24,408
    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
     
  6. depotoo
    Offline

    depotoo Platinum Member

    Joined:
    Sep 9, 2012
    Messages:
    34,367
    Thanks Received:
    7,885
    Trophy Points:
    1,160
    Ratings:
    +24,408
    Standard deduction is now $12,000 or head of household is $18,000
     
  7. depotoo
    Offline

    depotoo Platinum Member

    Joined:
    Sep 9, 2012
    Messages:
    34,367
    Thanks Received:
    7,885
    Trophy Points:
    1,160
    Ratings:
    +24,408
    Adjusted gross income is line 7 on form 1040.
     
  8. Penelope
    Offline

    Penelope Diamond Member

    Joined:
    Jul 15, 2014
    Messages:
    41,913
    Thanks Received:
    3,712
    Trophy Points:
    1,845
    Ratings:
    +23,438
    Yes and they took away personal deductions. I know where the AGI is , but what line are the subtraction for your MAGI located?
     
  9. Penelope
    Offline

    Penelope Diamond Member

    Joined:
    Jul 15, 2014
    Messages:
    41,913
    Thanks Received:
    3,712
    Trophy Points:
    1,845
    Ratings:
    +23,438
    so one is not allowed to deduct for contribution to an Traditional Ira or self employed health ins. anymore??
     
  10. depotoo
    Offline

    depotoo Platinum Member

    Joined:
    Sep 9, 2012
    Messages:
    34,367
    Thanks Received:
    7,885
    Trophy Points:
    1,160
    Ratings:
    +24,408
    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

     

Share This Page