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Retirement tax questions
Assuming that your MAGI is $121,722, the formula is as follows:
Non Deductible part = ((121,722 - 116,000) / 20,000) x 13,000 = 3,719
Deductible IRA = 13,000 - 3,791 = 9,209
Please note that the number to be used is the Modified AGI, and not the AGI.
For the calculation of the Modified MAGI, see the worksheet 1-1 on page 15 of IRS Publication 590-A.
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‎February 26, 2024
9:36 AM