There was an issue with the calculation of the MAGI. Please use the IRS Worksheet links below for guidance.
To determine the amount you can deduct for your IRA, including if you have a retirement plan at work, you can calculate it with the following guidelines.
- In Tax Year 2023 - you can contribute $6,500 if you're under age 50 / $7,500 if you're age 50 or older.
- You stated that your income was within the limits. This limit is not your income.
- The calculation is done based on (M)oditied (A)djusted (G)ross (I)ncome MAGI.
- Line 11 of your 1040 is your AGI. This number is adjusted to get MAGI.
- Once you have determined MAGI you can see the chart below the worksheet to determine the maximum contribution.
Please contact us again with any additional questions
@dmertz @robertcoffey
Post Edited 03/21/2024
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