MAGI for $8K FTB house purchase tax credit?

There is no single definition of MAGI in the Internal Revenue Code. It depends upon the purpose.

For what purpose are you interested in MAGI? E.g., ROTH IRA contributions, adoption expenses, exclusion of savings bond interest, new homebuyer credit, etc.

added back into to AGI to get

The title of the OP said it was for the first-time home buyer credit. MAGI for that purpose adds back the foreign earned income and housing exclusions and the US Possessions earned income exclusion. Period.

added back into to AGI to get

added back into to AGI to get

I'm interested specifically in the MAGI for the first-time homebuyer (8K) tax credit. Looking in the instructions for form 5405 it seems only foreign income is added to AGI, and that tax-exempt interest (e.g. municipal bond interest) and individual IRA contributions are not included (added back into ) MAGI. If true, that's great, and somewhat interesting that one class of income (tax exempt interest) was excluded although I suppose there are not many affluent people who are first time buyers with large amounts of tax-exempt interest.

interest added back into to AGI to get

Well it is the time for minds to get tired as April 15 approaches. Forgiven.

interest added back into to AGI to get

text -

""The title of the OP said it was for the first-time home buyer credit.""

It may be in the title to the post but it isn't in my title. Nowhere does he say what it was for. think some things get chopped out of these threads. I think it is the worst board I post to. If you open his history It is titled for the Homeobuyer's ctredit, but who opens history8 on everyone positing? And why would they change the title?

Baa not Duh

ed

The Subject: of your post (and this one) is "Subject: Re: MAGI for $8K FTB house purchase tax credit?"

I think you lack decent Usenet software.

Seth