Do you know the difference between Adjusted Gross Income and Modified Adjusted Gross Income? Are you aware of how they affect your tax bracket and Medicare charges?
Understanding the difference between AGI and MAGI and having conversations about them with your financial advisor will help you manage your taxes and IRMAA efficiently. The “looking forward tax planning” strategy is about helping you save money.
In this episode of the Secure Your Retirement podcast, we discuss the difference between AGI (Adjusted Gross Income) and (Modified Adjusted Gross Income) and why you need to know it. Listen in to learn about examples of numbers, how they change, and how you can prepare prior.
In this episode, find out:
- How the Modified Adjusted Gross Income can affect your IRMAA surcharges.
- Understanding how we look and arrive at Adjusted Gross Income (AGI).
- The things added to arrive at the Modified Adjusted Gross Income (MAGI).
- Understanding the tax code will make you efficient in the different tax things you can do.
- How smart tax planning can save you Medicare premium surcharges.
- Think and prepare for AGI & MAGI to avoid the negative effects if you’re at Medicare age.
- “Your Adjusted Gross Income (AGI) ultimately is what is going to determine where you fall as far as the tax bracket goes.”- Murs Tariq
- “You might be able to have some forward thinking and start to think about this and have that conversation with your financial advisor or CPA.”- Radon
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.