Can someone help me calculate my MAGI to see if I can contribute to my Roth IRA for 2020?

Forum|Forum|5 years ago
October 23, 2020
2 replies
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dmertz

Level 15

Use the following worksheet from IRS Pub 590-A to calculate your MAGI for the purpose of making a Roth IRA contribution: https://www.irs.gov/publications/p590a#en_US_2019_publink100025085

(The line numbers refer to 2019 Form 1040. The line numbers might change on the 2020 Form 1040, but the calculation is the same.)

If you did no Roth conversions, make no deductible traditional IRA contribution, and have none of the other less common deductions and exclusions listed on Worksheet 2-1, your MAGI will simply be your AGI. You can calculate your AGI by simulating your 2020 tax return. Many people have a relatively stable AGI from year to year and, if that's the case for you, you might be able to just look at your 2019 tax return to get a rough idea of how close to the Roth-contribution phase-out range you are.

Critter-3

Level 15

Be aware that you have until the filing deadline to fund the IRS for the prior tax year so you know exactly how much you can contribute so be careful you don't put in too much.