- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Roth ira income limits
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?
Topics:
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Roth ira income limits
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.