Hello,
I'm trying to calculate my MAGI for if I can contribute to ROTH IRA or need to go with Traditional IRA. I want to make sure I'm totaling everything correctly and pulling from the right fields in my 1040 tax return.
So I have my job income, some RSU, Stocks, dividends, and rental income. Reading Worksheet 2-1 (online)
I need to add my adjusted gross income plus the rental income minus losses/expenses then?
I take Form 1040 line 11 my adjusted gross income, which is my w-2 work income plus stock gains and Dividend etc. That's part one.
Part two is this the Schedule 1 Form 1040 line 5: Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E. That seems to be Rent income minus expenses, and matches Schedule E line 26 Total rental real estate and royalty income or (loss).
So I total my adjusted gross income and Total rental real estate and royalty income or (loss) to get my MAGI then?
