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So, how exactly is MAGI for Roth Conversion purposes calculated?

You start with your AGI - the bottom line on the first page of your 1040. Then you make a few modifications (hence, Modifided AGI or MAGI) to it. I think the details of the modifications are spelled out in publication 590. One major modification I can think of is that you subtract off any income from the conversion itself.

Will losses from a real-estate company, LLC, be subtracted from my real income? Some of those losses at least?

To the extent they are allowable on your 1040, the losses will be part of your AGI and therefore MGAI.

Is all money made by my S-corp included? Or just money paid to me as wages?

The wages are definitely part of your AGI. The bottom line income from the S Corp is typically included in AGI as well. There shouldn't be any modifications to these items in figuring MAGI.

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