Modified Adjusted Gross Income
How does MAGI differ for:
Deductibility of traditional IRA contributions by participants in employer plans?
Eligibility to contribute to a Roth IRA?
Generally, MAGI for Roth IRA contribution purposes is MAGI for TIRA deductibility purposes minus the taxable amount of any Roth conversions and rollovers from qualified retirement plans to a Roth IRAs. However, when MAGI for the purpose of a TIRA deduction falls in the phase-out range and the taxable amount of Social Security income is affected by the amount of the TIRA deduction, a special calculation might be necessary.
Permalink Submitted by William Tuttle on Mon, 2020-12-21 06:25
Worksheets in IRS Publication 590-A