- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
macuser_22, Thank you for your reply. I read through Pub 590A and now realize that this TT "tax expert" was even more off base than I thought. MAGI is used to determine eligibility to contribute to a Roth. The actual amount is based on the lesser of taxable compensation or the limit of $14,000 (married, filing jointly, both over 50). So given that my MAGI is well below the eligibility limit, the taxable compensation number is what I need.
This I understand to be the sum of 1040 line 1 and line 8. These numbers do not add up to the amount TT said I can contribute to our Roths. It really makes me wonder if there are glitches in TT software in other places.
‎April 12, 2022
7:45 PM