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taxjones
New Member

How to determine AGI for the CURRENT year (online version)? Do I have to pay first? If so, How? Not done yet, but need AGI to decide about more IRA contributions.

 
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macuser_22
Level 15

How to determine AGI for the CURRENT year (online version)? Do I have to pay first? If so, How? Not done yet, but need AGI to decide about more IRA contributions.

After entering all income just go to the IRA contribution section and add a IRA contribution.  The interview will tell if it is too much and by how much.   You can always return to the first screen in the interview, uncheck the contribution check mark and press continue to remove the contribution.

The contribution limit is the Modified AGI (MAGI), not the AGI - it is the usually, but not always the same.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22
Level 15

How to determine AGI for the CURRENT year (online version)? Do I have to pay first? If so, How? Not done yet, but need AGI to decide about more IRA contributions.

After entering all income just go to the IRA contribution section and add a IRA contribution.  The interview will tell if it is too much and by how much.   You can always return to the first screen in the interview, uncheck the contribution check mark and press continue to remove the contribution.

The contribution limit is the Modified AGI (MAGI), not the AGI - it is the usually, but not always the same.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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