Based on the information, the NIIT will be 665 and Income tax will be 29175.50.
How to explain the informationMAGI is adjusted gross income (AGI) plus these, if any: untaxed foreign income, non-taxable Social Security benefits, and tax-exempt interest. For many people, MAGI is identical or very close to adjusted gross income. MAGI doesn't include Supplemental Security Income (SSI).
Modified AGI = $520,000
Income Taxable at ordinary rates = $485,500
Income threshold for NIIT = $200,000
NIIT will be:
= 17500 × 3.8%
= 665
Income tax will be:
= 15213.5 + 147250 - 89075 × 24%
= 29175.50
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