Calculating MAGI for Roth IRA Income limit with Rent expenses

[talktoandyli]

Hello,

I'm trying to calculate my MAGI for if I can contribute to ROTH IRA or need to go with Traditional IRA. I want to make sure I'm totaling everything correctly and pulling from the right fields in my 1040 tax return.

So I have my job income, some RSU, Stocks, dividends, and rental income. Reading Worksheet 2-1 (online)

I need to add my adjusted gross income plus the rental income minus losses/expenses then?

I take Form 1040 line 11 my adjusted gross income, which is my w-2 work income plus stock gains and Dividend etc. That's part one.

Part two is this the Schedule 1 Form 1040 line 5: Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.  That seems to be Rent income minus expenses, and matches Schedule E line 26 Total rental real estate and royalty income or (loss).

So I total my adjusted gross income and Total rental real estate and royalty income or (loss) to get my MAGI then?

[JCampbellEA]

To calculate your Modified Adjusted Gross Income (MAGI) for determining Roth IRA contribution eligibility, you start with your Adjusted Gross Income (AGI) and then make specific adjustments. For Roth IRA purposes, you generally add back certain deductions and exclusions to your AGI, such as: 1. Any deductions you took for student loan interest. 2. Tuition and fees deduction. 3. Foreign earned income exclusion. 4. Foreign housing exclusion or deduction. 5. Excluded savings bond interest. 6. Excluded employer adoption benefits. 7. Deductible contributions to a traditional IRA. 8. Rental real estate losses if you actively participate in the rental activity. Rental real estate and royalty income or loss are already included in your AGI, so you don't need to add them separately to calculate your MAGI. Instead, focus on the specific adjustments listed above. If you're unsure about any specific adjustments, it might be helpful to review IRS guidelines or use tax software to ensure accuracy.