turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jenh705
Returning Member

MAGI for Roth IRA excess calculation is not adding back 1/2 self employment tax

I'm trying to determine the amount of excess contributions that were made to my ROTH IRA.    On the Roth IRA contribution limit worksheet ( and in the ROTH IRA input section) the MAGI is equal to my AGI.    The amount of 1/2 of my self employment tax was not added back in.     Is this an error in the turbo tax program?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
GeorgeM777
Expert Alumni

MAGI for Roth IRA excess calculation is not adding back 1/2 self employment tax

You are correct that your MAGI does include one-half of the self-employment tax among other things.  The starting point in determining MAGI is AGI.  Do you know the amount of your AGI at this point?  In other words, you will likely need to complete your return in full so that TurboTax can calculate your MAGI.  Follow-up with additional information.  

 

@jenh705

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

MAGI for Roth IRA excess calculation is not adding back 1/2 self employment tax

There is no error. For the purpose of a Roth IRA contribution, the deductible portion of SE tax is not to be added back.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies