what is the difference between agi and modified adjusted gross income magi 
agi and modified adjusted gross income magi are very similar except that magi adds back certain deductions magi will always be larger than or equal to agi for this reason common examples of deductions that are added back to calculate magi include foreign earned income income earned on u s savings bonds and losses arising from a publicly traded partnership 10the bottom lineadjusted gross income or agi reduces your taxable income for the year if you qualify for any of a list of qualified deductions you can still take the standard deduction or itemize deductions if you wish the agi allows you to take certain deductions up front without filing a schedule a however many of the adjustments allowed for agi are specific for particular circumstances that don t apply to everyone don t be surprised if your gross income and your adjusted gross income are the same number correction nov 8 2023 a previous version of this article omitted the ira deduction as one of the common adjustments to calculate agi 