MAGI

When entering the info for my Simple IRA, I received a message about my MAGI being too high. The number they gave me as proof included my husband's income. Should the MAGI just be my information?

posted

No, your modified adjusted gross income is a joint thing. If you jointly make over $129,000 then you can't take the deduction for contributing to an IRA. You are still allowed to make the contribution but you can't take a deduction.

@dkconlin1

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