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dkconlin1
Returning Member

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?

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‎April 5, 2023 2:21 PM
last updated ‎April 05, 2023 2:21 PM
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2 Replies
RobertB4444
Employee Tax Expert
Employee Tax Expert

MAGI

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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‎April 5, 2023 2:29 PM
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dkconlin1
Returning Member

MAGI

Ok, thank you!

‎April 5, 2023 2:31 PM
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