Solved: Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?
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Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?

 
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Returning Member

Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?

Yes, that should be ok. For the Roth as long as your MAGI is < $189,000 then you can contribute up to the max limit, $6,500 in your case.  For the traditional IRA, you can contribute the $5,500 but if you were covered by retirement plans at work your deduction might be limited. Please see below:

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Returning Member

Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?

To a Roth IRA or traditional IRA?
New Member

Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?

Both; want to put 6500 in Roth for him, 1000 in Roth + 5500 in Trad for her.  Is that OK?  Also, is it OK for MAGI to be less than AGI?
Returning Member

Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?

Yes, that should be ok. For the Roth as long as your MAGI is < $189,000 then you can contribute up to the max limit, $6,500 in your case.  For the traditional IRA, you can contribute the $5,500 but if you were covered by retirement plans at work your deduction might be limited. Please see below:

View solution in original post

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