You also couldn't take a deduction for student loan interest in 2022 if you had a MAGI of $85,000 or higher filing as single, or $175,000 if married and filing jointly. One of the most notable is in determining whether or not your contributions to an individual retirement plan are deductible.įor example, as of 2022, if you were a single filer and covered by a retirement plan at work, you couldn't take an IRA deduction if you had an MAGI of $78,000 or higher. Your MAGI is used as a basis for determining whether you qualify for certain tax deductions. Miscellaneous itemized deductions (for tax years prior to 2018).Deductions affected by your AGI include the following: Many deductions phase out or disappear altogether if you have an AGI above certain limits.
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