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Level 3
posted Mar 15, 2023 11:17:09 PM

Roth IRA Contribution Calculation for 2020

My AGI and MAGI on my 2020 tax transcript in IRS website is $127,411. I filed my return as Married filing separately. I didn't live with my spouse for the entire year 2020. I want to calculate Roth IRA contribution limit for 2020. Let me know if the below calculation is right.

1. 127,411 - 124,000 = 3,411

2. 3411/15000 = 0.2274

3. 6000*0.2274 = 1364.4

4. 6000-1364.4 = 4635.6

 

I can contribute up to 4635.6 to my Roth IRA in 2020. Should I communicate to IRS that I didn't live with my spouse for the entire year 2020?

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1 Replies
Level 15
Mar 16, 2023 4:31:31 AM

Yes, the calculation is correct.

 

You need to tell the IRS that you did not live with your spouse at any time during the year only if they ask.