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Retirement tax questions
@2020PA wrote:
The response is incorrect. Military retirement is not included in the AGI for purposes of a ROTH IRA. If turbo tax shows it this way without a way to correct it when filing then I may have to use a different service.
What Isn’t Compensation?Compensation doesn’t include any of the following items.
Earnings and profits from property, such as rental income, interest income, and dividend income.
Pension or annuity income.
Where in IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs) (2019), do you see that military pension income is not to included in the MAGI Worksheet 2-1 Modified Adjusted Gross Income for Roth IRA Purposes, page 40 - https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=40
July 11, 2020
11:43 AM