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Level 2
posted Feb 22, 2022 5:52:29 PM

How to read the forms in Turbo tax to get my AGI and MAGI pls?

need the numbers, so I will be able to know how much I can contribute Roth IRA for 2021, before April 2022

0 2 3018
1 Best answer
Expert Alumni
Feb 22, 2022 6:14:05 PM

On your 2021 Form 1040, your AGI is on Line 11.  To calculate your modified adjusted gross income (MAGI), take your AGI and "add-back" certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical.

 

Click this link for additional info on AGI/MAGI.

 

For single taxpayers in 2021:

  • You can contribute up to $6,000 to a Roth IRA, or up to $7,000 if you are 50 or older, only if your income is $125,000 or less.
  • You can make a partial contribution to a Roth IRA if your income is between $125,000 and $140,000.
  • Once your income tops $140,000, you are not eligible to contribute to a Roth IRA.

For married couples in 2021,

  • $6,000 or $7,000 contributions can be made for each spouse, if income is under $198,000.
  • The right to make contributions is gradually phased out as income rises between $198,000 and $208,000.

Click this link for detailed info on Retirement Savings

 

 

2 Replies
Expert Alumni
Feb 22, 2022 6:14:05 PM

On your 2021 Form 1040, your AGI is on Line 11.  To calculate your modified adjusted gross income (MAGI), take your AGI and "add-back" certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical.

 

Click this link for additional info on AGI/MAGI.

 

For single taxpayers in 2021:

  • You can contribute up to $6,000 to a Roth IRA, or up to $7,000 if you are 50 or older, only if your income is $125,000 or less.
  • You can make a partial contribution to a Roth IRA if your income is between $125,000 and $140,000.
  • Once your income tops $140,000, you are not eligible to contribute to a Roth IRA.

For married couples in 2021,

  • $6,000 or $7,000 contributions can be made for each spouse, if income is under $198,000.
  • The right to make contributions is gradually phased out as income rises between $198,000 and $208,000.

Click this link for detailed info on Retirement Savings

 

 

Level 3
Jan 18, 2024 4:18:03 AM

TurboTax actually does calculate your MAGI. I entered a fictitious number as interest paid for student loans and on you will find your MAGI on the student loan form.