Roth IRA Contribution Eligibility* - KTRE.com | Lufkin and Nacogdoches, Texas

Roth IRA Contribution Eligibility*

Contribution Formula*

 

A.

Modified Adjusted Gross Income (MAGI) Limit

B.

Your MAGI (from IRS Form 1040 or 1040-A)

C.

Subtract B From A

D.

Multiply by

E.

Contribution Amount**


Filing Status
 

Single

Married, Filing Jointly

A.

$110,000

$160,000

B.

$__________

$__________

C.

$__________

$__________

D.

X.1333

X.1333

E.

$__________

$__________


*Caution:
  The amount of your contribution must be coordinated with the amount of your traditional IRA contribution.  You are only allowed to contribute $2,000 maximum to both your Roth IRA and your traditional IRA.  If the adjusted dollar contribution limit is not a multiple of ten, it is rounded up to the next highest $10 increment.  If your partial contribution is less than $200 but greater than $0, you are allowed to claim a contribution of $200.


**
The IRS has not released final guidance concerning how you determine the contribution amount; however, the factors provide an easy method to determine the contribution amount pending final IRS guidance.  For married couples filing separately, contact your tax adviser.


All information contained
herein is intended to act as a guide in giving you an estimate of your allowable contribution limit.  Contact your tax adviser for further information.
 

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