Thank you for providing your token number.
Using the formula provided by the IRS (from Amount of Roth IRA contributions that you can make for 2024:(
MAGI = $158,000
Subtract $146,000 for Single filing status
Result is $12,000
Divide the result by $15,000 gives 12,000/15,000 = 0.8
Multiply the result of 0.8 by the maximum contribution limit of $7000 based on age to get $5600
Subtract $5600 from $7000 to get the maximum contribution allowed, $1400.
Since your actual MAGI is higher than the example of $158,000, the maximum contribution will be lower. The final value is rounded to the nearest $10 as allowed on the IRS Worksheet, so the math calculation is not exactly the same amount. In the example above, no rounding was required, but in your real-life example in your token file, the final number is rounded.
Here is a link to the IRS Worksheet used to make the calculation:
Worksheet 2-2. Determining Your Reduced Roth IRA Contribution Limit
This worksheet is duplicated within TurboTax, titled Roth IRA. You can print this as part of your return using TurboTax Online after your fees have been paid. Or if you are using TurboTax Desktop, go to Forms at the upper corner of the screen and look for Roth IRA in the list on the left side.
@navid-saneie
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
