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empirion98
Level 1

Is there any way to lower retroactively your Modified Adjusted Gross Income (MAGI) for the previous year?

Got a message in the Deductions & Credits section when doing the IRA deduction that our Modified Adjusted Gross Income (MAGI) is too high.   To be able to deduct a contribution for a Roth or Traditional IRA you can't have a MAGE over $123,000 while being covered by a retirement plan at work.  

 

We are $1,586 from that cutoff but didn't maximize our HSA last year.  Is there any way to retroactively fix this or somehow lower our MAGI so we are able to deduct?

 

Thanks!

1 Best answer

Accepted Solutions
ColeenD3
Expert Alumni

Is there any way to lower retroactively your Modified Adjusted Gross Income (MAGI) for the previous year?

Yes, you can still contribute to your HSA. This excerpt is from last year's Pub 969, but is still valid. Change the date from 2018 to 2019 and from 2019 to 2020.

 

Form 8889.

Report all contributions to your HSA on Form 8889 and file it with your Form 1040 or Form 1040NR. You should include all contributions made for 2018, including those made from January 1, 2019, through April 15, 2019, that are designated for 2018. Contributions made by your employer and qualified HSA funding distributions are also shown on the form.

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1 Reply
ColeenD3
Expert Alumni

Is there any way to lower retroactively your Modified Adjusted Gross Income (MAGI) for the previous year?

Yes, you can still contribute to your HSA. This excerpt is from last year's Pub 969, but is still valid. Change the date from 2018 to 2019 and from 2019 to 2020.

 

Form 8889.

Report all contributions to your HSA on Form 8889 and file it with your Form 1040 or Form 1040NR. You should include all contributions made for 2018, including those made from January 1, 2019, through April 15, 2019, that are designated for 2018. Contributions made by your employer and qualified HSA funding distributions are also shown on the form.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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