What is the ROTH IRA income limit calculation based on? Is it off my taxable income (Line 10 on my 1040 form)?
I am filing as a single person. On my 1040, my taxable income (line 10) is below the $120,000 limit that I'm seeing for the 2018 ROTH IRA income limit where the allowable amount contributed begins to phase out.
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1 Best answer
Rachel_W
Expert Alumni
Jun 1, 2019 9:37:54 AM
The Roth IRA income limit calculation is based on your Modified Adjusted Gross Income (MAGI), Line 7 of your Form 1040.
For the Single Filing Status, the ability to contribute to a Roth IRA phases out when your MAGI is between $121,000 - $135,000.
1 Replies
Rachel_W
Expert Alumni
Jun 1, 2019 9:37:54 AM
The Roth IRA income limit calculation is based on your Modified Adjusted Gross Income (MAGI), Line 7 of your Form 1040.
For the Single Filing Status, the ability to contribute to a Roth IRA phases out when your MAGI is between $121,000 - $135,000.