Income Limits for TIRA and Roth IRA
1. Is the income limit for making a deductible TIRA and a Roth IRA contribution AGI or MAGI?
2. How is MAGI different from AGI?
1. Is the income limit for making a deductible TIRA and a Roth IRA contribution AGI or MAGI?
2. How is MAGI different from AGI?
Permalink Submitted by Alan Spross on Tue, 2010-01-05 22:36
It is MAGI, and to make things more confusing, MAGI is defined differently in various tax code provisions including a difference between MAGI for a Roth IRA as opposed to a traditional IRA.
The main difference from AGI is that certain deductions and exclusions are not included in MAGI.