Roth IRA Contribution Calculation for 2020

pidgessn — Thu, 16 Mar 2023 06:17:09 GMT

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?

Re: Roth IRA Contribution Calculation for 2020

dmertz — Thu, 16 Mar 2023 11:31:31 GMT

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.

topic Roth IRA Contribution Calculation for 2020 in Retirement tax questions

Roth IRA Contribution Calculation for 2020

Re: Roth IRA Contribution Calculation for 2020