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Level 1
June 4, 2019
Question

Roth ira income limits

  • June 4, 2019
  • 1 reply
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turbo tax is saying that my income is too high to deduct my IRA contributions; It is adding mine and my husbands but then saying it's my income that's too high. is it supposed to treat our incomes together?

1 reply

June 4, 2019

Yes, the contribution limitations for the Roth are based on your filing status. For married filing jointly, the contribution amount is phased out over $184,000 - $194,000 of Modified Adjusted Gross Income (MAGI), which is a subtotal on your tax return based on total income and adding back some of your deductions. Learn more on the IRS website HERE.