The thermoelectric power generated in magnetic tunnel junctions (MTJs) is determined as a function of the tunnel barrier thickness for a matched electric circuit. This study suggests that lower resistance area product and higher tunnel magnetoresistance will maximize the thermoelectric power output of the MTJ structures. Further, the thermoelectric behavior of a series of two MTJs, a MTJ thermocouple, is investigated as a function of its magnetic configurations. In an alternating magnetic configurations the thermovoltages cancel each other, while the magnetic contribution remains. A large array of MTJ thermocouples could amplify the magnetic thermovoltage signal significantly.