HappyLady
Initiate Member
Joined: Feb 26, 2011 11:39:13 GMT -5
Posts: 66
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Post by HappyLady on Mar 13, 2012 12:00:28 GMT -5
The IRA limits talk about using your modified adjusted gross income to figure out how much you can contribute.
On my taxes, I only see my "adjusted gross income" total.
How does one figure out what their MAGI is?
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quotequeen
Well-Known Member
Joined: Dec 18, 2010 15:51:15 GMT -5
Posts: 1,448
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Post by quotequeen on Mar 13, 2012 12:18:54 GMT -5
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Mar 14, 2012 5:11:55 GMT -5
MAGI is... (from IRS www.irs.gov/publications/p590/ch01.html#en_US_2011_publink1000230489)"Do not assume that your modified AGI is the same as your compensation. Your modified AGI may include income in addition to your compensation such as interest, dividends, and income from IRA distributions. Form 1040. If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. IRA deduction. Student loan interest deduction. Tuition and fees deduction. Domestic production activities deduction. Foreign earned income exclusion. Foreign housing exclusion or deduction. Exclusion of qualified savings bond interest shown on Form 8815. Exclusion of employer-provided adoption benefits shown on Form 8839." |
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