Rental Income Impact on MAGI Question

[Patrick H.]

Hello,
I was wondering what is the impact of rental income on your modified adjusted gross income (MAGI)?  Do you get to take all the deductions and depreciation from the rental income before it gets added in against your W-2 income for tax purposes?

I am interested because I am borderline in the phase out / not able to use a ROTH IRA (and obviously don't qualify for a traditional). Where in the phase out spectrum I fall changes year to year based on bonuses and overtime and I'd like to know how to count in rental income (when I purchase a property later this year) for planning whether or not I can use a ROTH. I probably should just speak to a tax accountant, but I'm hoping someone else in a similar situation could give me a reasonably simplified answer just for my own budgeting and planning spreadsheets before I make an appointment with a professional.