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How to calculate IRA deduction for AGI betweem 218,000 and 228,000?

 
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1 Reply
DaveF1006
Expert Alumni

How to calculate IRA deduction for AGI betweem 218,000 and 228,000?

Here is a guideline to use for determining your contribution limit.

 

  1. Start with your modified 2023 AGI.
  2. Subtract either: $218,000 if you're filing jointly, or $138,000 if filing as single
  3. Divide the result by $15,000.
  4. Multiply by your maximum contribution limit.
  5. Subtract the result of #4 from the maximum contribution limit
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