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New Member
posted Jun 5, 2019 11:16:00 PM

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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1 Best answer
Expert Alumni
Jun 5, 2019 11:16:05 PM

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:

3 Replies
Expert Alumni
Jun 5, 2019 11:16:02 PM

To a Roth IRA or traditional IRA?

New Member
Jun 5, 2019 11:16:03 PM

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?

Expert Alumni
Jun 5, 2019 11:16:05 PM

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: