Are there any specific guidelines for calculating MAGI from W2 forms for cryptocurrency investments?

1 answers

• Mar 16, 2022 · 3 years ago
  At BYDFi, we recommend following the IRS guidelines for calculating MAGI from W2 forms for cryptocurrency investments. The first step is to determine your total income from cryptocurrency investments, including any gains or losses from buying and selling cryptocurrencies. This income should be reported on your tax return and included in your AGI. From there, you'll need to make any necessary modifications to your AGI to calculate your MAGI. These modifications may include adding back certain deductions or exclusions that were previously subtracted from your AGI. It's always a good idea to consult with a tax professional or use tax software to ensure you're accurately calculating your MAGI.
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