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Ma·gi
[ˈmājī]
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DEFINITION
(the Magi)
the “wise men” from the East who brought gifts to the infant Jesus (Matt. 2:1), said in later tradition to be kings named Caspar, Melchior, and Balthasar who brought gifts of gold, frankincense, and myrrh.
ORIGIN
see magus.
ma·gus
[ˈmāɡəs]
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NOUN
magi (plural noun)
a member of a priestly caste of ancient Persia. See also Magi.
a sorcerer.
ORIGIN
Middle English: via Latin and Greek from Old Persian maguš.
magi. ( ˈmeɪdʒaɪ) pl n, sing magus ( ˈmeɪɡəs) 1. (Other Non-Christian Religions) the Zoroastrian priests of the ancient Medes and Persians. 2. (Bible) the three magi the wise men from the East who came to do homage to the infant Jesus (Matthew 2:1–12) and traditionally called Caspar, Melchior, and Balthazar.
magi ( ˈmeɪdʒaɪ) pl n, sing magus ( ˈmeɪɡəs) 1. (Other Non-Christian Religions) the Zoroastrian priests of the ancient Medes and Persians 2. (Bible) the three magi the wise men from the East who came to do homage to the infant Jesus (Matthew 2:1–12) and traditionally called Caspar, Melchior, and Balthazar magian adj
Unless you have foreign earned income, NIIT’s MAGI calculation will be no different than AGI. Thus, unless your AGI exceeds the NIIT threshold, the surtax will not be applied. ...
There are a few expenses that offset income before AGI is calculated. ...
Further, this surtax carries a substantial marriage penalty. ...
Your MAGI and AGI will be the same if you don’t have any deductions to make from your gross income when determining your AGI. For many filers, the AGI and MAGI are the same because some of the deductions removed from MAGI are rare, such as foreign earned income tax exclusions.
Modified adjusted gross income (MAGI) is an important figure for understanding your taxable income. MAGI adjusts the adjusted gross income (AGI) for certain tax deductions and credits. You’ll have to crunch some numbers to find your MAGI, but tax preparation software makes this work easy.
Modified Adjusted Gross Income (MAGI) The figure used to determine eligibility for premium tax credits and other savings for Marketplace health insurance plans and for Medicaid and the Children's Health Insurance Program (CHIP).
Modified Adjusted Gross Income (MAGI) in the simplest terms is your Adjusted Gross Income (AGI) plus a few items — like exempt or excluded income and certain deductions. The IRS uses your MAGI to determine your eligibility for certain deductions, credits and retirement plans. MAGI can vary depending on the tax benefit.
Modified Adjusted Gross Income (MAGI) is Gross Income (GI) Adjusted for deductions (AGI) and then Modified by adding some deductions back in (MAGI). On this page, we cover MAGI as it applies to Medicaid and the Marketplace. The way you calculate MAGI for other tax purposes can differ slightly so see specific IRS instructions for other types.
What is modified adjusted gross income? In short, your MAGI is simply your adjusted gross income with any tax-exempt interest income and certain deductions added back in. The IRS uses your MAGI in a lot of ways to determine if you’re eligible for certain deductions and credits.
Typically, your MAGI (modified adjusted gross income) and AGI (adjusted gross income) are close in value to one another. However, the small adjustments that tweak your AGI into your MAGI could have an important bearing on your overall tax return. AGI calculation
magi noun plural ma· gi ˈmā-ˌjī often capitalized : the three wise men from the East who paid respect to the infant Jesus More from Merriam-Webster on magi Thesaurus: All synonyms …
pl n, sing magus ( ˈmeɪɡəs) 1. (Other Non-Christian Religions) the Zoroastrian priests of the ancient Medes and Persians. 2. (Bible) the three magi the wise men from the East who came …
Magi were priests in Zoroastrianism and the earlier religions of the western Iranians. The earliest known use of the word magi is in the trilingual inscription written by Darius the Great, known as the Behistun Inscription. Old Persian texts, predating the Hellenistic period, refer to a magus as a Zurvanic, and presumably Zoroastrian, priest.
How Do I Calculate Modified Adjusted Gross Income?
What Purpose Does MAGI Serve?
What Is the Difference Between MAGI and AGI?
Can MAGI and AGI Be the Same?
The Bottom Line
The term modified adjusted gross income (MAGI) refers to an individual's adjusted gross incom… It is an important number to understand since it can help reduce an individual's taxable income (to account for your retirement account contributions), factor in the eligibility for benefits like the student loan interest deduction and the Child Tax Credit, and establish eligibility for income-base…
Modified adjusted gross income (MAGI) is an important figure for understanding your taxable inc… MAGI adjusts the adjusted gross income (AGI) for certain tax deductions and credits.
The figure used to determine eligibility for premium tax credits and other savings for Marketplace health insurance plans and for Medicaid and the Children's Health Insurance Program (CHIP). …
See all related content →. Magi, singular Magus, also called Wise Men, in Christian tradition, the noble pilgrims “from the East” who followed a miraculous guiding star to Bethlehem, where they paid homage to the …
Definition of the Magi : the three wise men in the Bible who come from the East with gifts for the baby Jesus Learn More About the Magi Share the Magi Dictionary Entries Near the Magi the …
Magi (Authorized Version wise men). In the Hebrew text of the Old Testament the word occurs but twice, and then only incidentally. ( Jeremiah 39:3 Jeremiah 39:13) "Originally they were a …
Oct 24, 2021 · Your MAGI is what determines whether you can make tax-deductible contributions to an IRA. If the total is over a certain amount, you can't deduct anything you added to an IRA …
Jul 01, 2022 · Over the centuries, commentators have suggested that this star was a planetary conjunction, a comet, or a supernova, a so-called new star. However, a lighted object high in the sky guiding someone on the earth below …
Modified adjusted gross income
