of an individual who has attained age 50 but who has not attained age 60 as of such time, and (E) $4,000 in the case of an individual who has attained age 60 as of such time. (2) Limitation based on modified adjusted gross income (A) In general The amount otherwise determined under subsection (b)(1)(A) (without regard to this subparagraph but after any other adjustment of such amount under this section) for the taxable year shall be reduced (but not below zero) by 10 percent of the excess (if any) of— (i) the taxpayer’s modified adjusted gross income for such taxable year, over (ii) $75,000 (twice such amount in the case of a joint return). (B) Modified adjusted gross income For purposes of this paragraph, the term modified adjusted gross income means adjusted gross income increased by— (i) any amount excluded from gross income under section 911, (ii) any amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax, and (iii) an amount equal to the portion of the taxpayer’s social security benefits (as defined in section 86(d)) which is not included in gross income under section 86 for the taxable year. (3) Other limitations (A) Aggregate dollar limitation The sum of the monthly limitation amounts taken into account under this section with respect to any taxpayer for any taxable year shall not exceed $14,000. (B) Maximum number of individuals taken into account With respect to any taxpayer for any month, monthly limitation amounts shall be taken into account under this section only with respect to the 5 oldest individuals with respect to whom monthly limitation amounts could (without regard to this subparagraph) otherwise be so taken into account. (d) Eligible coverage month For purposes of this section, the term eligible coverage month means, with respect to any individual, any month if, as of the first day of such month, the individual— (1) is covered by eligible health insurance, (2) is not eligible for other specified coverage, (3) is either— (A) a citizen or