Is there a specific formula or method to determine my modified adjusted gross income from cryptocurrencies?
Pejman2 PakniaJun 26, 2023 · 2 years ago1 answers
I am wondering if there is a specific formula or method that can be used to calculate my modified adjusted gross income (MAGI) from cryptocurrencies. I have been investing in cryptocurrencies for a while now and I want to make sure I am accurately reporting my income for tax purposes. Can someone explain how to calculate MAGI from cryptocurrencies and provide any relevant formulas or methods?
1 answers
- 13martin39Jan 22, 2021 · 4 years agoCalculating your modified adjusted gross income (MAGI) from cryptocurrencies can be a daunting task. While there isn't a specific formula or method provided by Stack Overflow or any other authoritative source, you can follow some general guidelines. Start by determining your total income from cryptocurrencies, including any gains or losses from trading activities. Next, subtract any eligible deductions or adjustments to arrive at your adjusted gross income (AGI). Finally, modify your AGI by adding back certain deductions or adjustments. It's always a good idea to consult with a tax professional or accountant who is familiar with cryptocurrency taxation to ensure accurate reporting of your MAGI and compliance with tax regulations.
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