1) Identify type of reaction (two dissolved ionic compounds) : Double Replacement
2) Write possible products by switching partners
3) Figure out if either product is insoluble (solubility rules) Magnesium Carbonate
4) Write all the reactants and products as formulas (as if they were molecules - sets subscripts)
5) Balance the reaction using coefficients (You can do a carbonate balance as well as elements for this rxn type)
6) Dissociate all soluble salts: MgI2 becomes Mg2+ + 2I- and if there were a stoichiometric coefficient it would multiply these terms.
7) Finally, eliminate spectator ions (on both sides of the equation)
Given that only the net ionic equation is required, you can just do the equation for forming magnesium carbonate: Mg2+ + CO32- --> MgCO3(s)