which of the following statements is correct regarding modified adjusted gross income on a joint return?...
which of the following statements is correct regarding modified adjusted gross income on a joint return?
A- If MAGI includes $240,000 salary plus $20,000 net investment income, then $10,000 is subject to the 3.8% rte.
B- if MAGI is $260,000 including salary plus $20,000 social security benefits, all the income is subject to the 3.8% rate.
C- MAGI is the threshold amount above which all gross income is subject to the NII tax.
D- The MAGI is subject to an adjustment for inflation.
Homework Answers
Your required answer is option D i.e The MAGI is subject to an adjustment for inflation.
The MAGI is subject to an adjustment of inflation but from 2020 onward as IRS officials has issued inflation adjusted tax rate schedule.
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