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Roth IRA Contributions: On the flip side, your MAGI is also used to calculate the maximum amount that you can contribute to your Roth IRA. For the 2022 tax year, single tax filers can contribute ...
Roth IRA contributions: MAGI is used to determine eligibility for making contributions to a Roth IRA. If your MAGI exceeds certain limits, you may not be eligible to contribute to a Roth IRA.
Traditional spousal IRA contributions are fully or partially deductible based on a couple’s modified adjusted gross income (MAGI) and whether or not one or both spouses contribute to a workplace ...
Modified adjusted gross income (MAGI) Contributions. Single or head of household. Less than $150,000. Full amount up to the limit. Single or head of household. More than $150,000 but less than ...
Allowable contributions to certain retirement arrangements (SEP IRA, SIMPLE IRA, and qualified plans) and Individual Retirement Accounts (IRAs), Penalties imposed by financial institutions and others on early withdrawal of savings, Alimony paid (which the recipient must include in gross income),
If your modified adjusted gross income (MAGI) was below $129,000, you can contribute the full annual limit to your Roth IRA. If your MAGI was $129,000 or higher but less than $144,000, your ...
You made a $2,000 deductible contribution to your IRA, paid $3,000 in student loan interest and had $5,000 in HSA contributions. In this case, your AGI would be $60,000 less $10,000 ($2,000 ...
Tax Filing Status. 2024 MAGI. 2025 MAGI. Traditional IRA Deduction. Single individuals covered by a workplace retirement plan. $77,000 or less. $79,000 or less