For tax years 2008 through 2010, there was a refundable first-time homebuyer credit of up to $4,000 ($8,000 for married filing jointly) on homes whose purchase price did not exceed $800,000, as long as the taxpayer's modified adjusted gross income was not over $125,000 ($225,000 for married filing jointly).
What does MAGI stand for?
MAGI stands for Modified Adjusted Gross Income
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of MAGI
We have 19 other meanings of MAGI in our Acronym Attic
- Multiple-Antenna Gaussian Fading Channel
- Multi-Agency Gang Task Force
- Magnetic Detector
- Major Ageing and Gender Issues in Europe (EU)
- Mid-America Gender Group Information Exchange (St. Louis, MO)
- Manufacturing Action Group Inc. (est. 1985; Grand Rapids, MI)
- Mathematical Applications Group, Inc. (computer graphics)
- McNaughton Apparel Group, Inc.
- Model Agreement Group Initiative (San Francisco, CA)
- Modern Arcane Guild of Investigation (MMOG game)
- Machine for Automatic Graphics Interface to a Computer
- Major Atmospheric Gamma Imaging Cherenkov (telescope)
- Make A Greater Individual Commitment
- Making a Great Impression on the Customer
- Managing Access to Grey Literature Collections (UK)
- Manual and Gaze Input Cascaded (computer input sustem)
- Marathon , Genetics, Inflammation and the Cardiovascular system (trial)
- Marine Air/Ground Intelligence Cell
- Master Activity General Information & Control (Files)
- Master of Arts in Global, International and Comparative History (Georgetown University)
Samples in periodicals archive:
It will apply to the lesser of the taxpayer's net investment income or the amount of modified adjusted gross income above a specified threshold - $250,000 for joint filers and $200,000 for single filers.
8 percent of the smaller of net investment income or the excess of modified adjusted gross income (adjusted gross income increased by certain foreign earned income) over $250,000 for a married couple or surviving spouse, $125,000 for a married individual filing a separate return, or $200,000 for anyone else.
The full credit is available to individuals whose modified adjusted gross income is $80,000 or less or $160,000 for married taxpayers.
A single taxpayer who has a modified adjusted gross income of $80,000 or less ($160,000 for joint filers), is eligible for the full credit.
A single person or head of household qualifies for the maximum Roth IRA contribution when 2010 modified adjusted gross income is $105,000 or less.
The credit will phase out for individuals with modified adjusted gross incomes between $125,000 and $145,000; and for those filing jointly with modified adjusted gross incomes between $225,000 and $245,000.