Hoping someone can help. I am looking for help determining how much, if anything, I qualify to contribute to a ROTH IRA for 2024.
I would like to preface in advance - I do not have an accountant as I prepare all my taxes myself using turbo tax.
Last June I was laid off.
Up until the layoff I was contributing to a 401k.
I collected unemployment for about 4 weeks before I started a contract position.
The new company does not allow 401K contributions until after 6 months employment.
So from 7/25 till present I have not been contributing to a 401k.
Since starting my new job I have been setting aside some money from each check. Its not alot of money...so far it is about $1800 and by end of December , I may save another $1800. Total for 2024 would be about $3600.
I do not have an accountant who can help me, as I use turbo tax to do all my taxes, I was wondering if there is a way to project if I qualify to contribute any money to a ROTH IRA.
Can I use any of my 2023 W2 and tax information to project what my MAGI might be for 2024 .
I really do not understand how to calculate MAGI (to be frank) and I just want to be able to put this money I have saved somewhere - even if it means once I start my 401K in 2025, I do not contribute anything additional to the ROTH IRA.
I have a traditional IRA with little funds, just under $3000. Does it make sense to add the money saved to that?
If anyone can help me find an easy way to determine if I qualify to contribute anything for a ROTH IRA, I would appreciate it.
Does turbo tax offer any software or calculators to help with this??
As a reference I included 2023 Income Tax info. Not sure if it helps project what 2024 might look like.
Thank You In Advance....I know I should probably hire an accountant but right now it is not an option.
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- My personal 2023 W2 wages were about $160,000
- In 2023 I contributed about $13000 to a 401K so 2024 will be about half of this since I was laid off at end of June.
- My husband does not contribute to a 401K
- I file joint taxes with my husband
2023 taxes
- Adjusted Gross Income $ 201,246.00
- Federal | Taxable Income $ 163,964.00
