You count income from profits. You also count income from Social Security. If one has a business, but uses SS income to help sustain, that business would that loss count?
From what we understand you can deduct qualifying businesses expenses which will help offset Social Security income. Even though SS income is added into MAGI, business deductions are deducted from AGI. Thus the total amount claimed for MAGI will be lower.
Please leave additional comments to help us pinpoint any complexities in this.