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Retirement tax questions
Please review Worksheet 2-1. Modified Adjusted Gross Income for Roth IRA Purposes and note that line 2 on the worksheet only subtracts conversions to Roth IRA from lines 4b and 5b of Form 1040. Therefore, the military retirement distribution will be included in the MAGI to determine if you can make Roth IRA contributions.
Please keep in mind you can only contribute to a Roth IRA if you have taxable compensation (military pension not included) and your modified AGI (military pension included) is less than:
- $214,000 for married filing jointly or qualifying widow(er);
- $144,000 for single, head of household, or married filing separately and you didn’t live with your spouse at any time during the year; and
- $10,000 for married filing separately and you lived with your spouse at any time during the year.
Please see What happens if I made an excess Roth IRA contribution for additional information.
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March 24, 2023
1:20 PM