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April 13, 2022
Question

MAGI in Turbo Tax premier - for IRA contribution

  • April 13, 2022
  • 2 replies
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Is there a way to figure out my MAGI while doing taxes in turbo tax premier, to see if I can do roth or traditional ira?

 

thank you!

    2 replies

    macuser_22
    Employee
    April 13, 2022

    Yes, IRS Pub 590A page 15 & 31

    https://www.irs.gov/pub/irs-pdf/p590a.pdf

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
    April 13, 2022

    The easiest way is to go to Federal > Deductions & Credits > Retirement and Investments > Traditional and Roth IRA Contributions and try making a deductible IRA contribution or a Roth IRA contribution and TurboTax will tell you if you can make a deductible IRA or Roth contribution.

     

    To determine your Modified AGI the hard way:

     

    1. Enter your adjusted gross income (AGI) from Form 1040, 1040-SR, or Form 1040-NR, line 11, figured without taking into account the amount from Schedule 1 (Form 1040), line 20

    2. Enter any student loan interest deduction from Schedule 1 (Form 1040), line 21

    3. Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45

    4. Enter any foreign housing deduction from Form 2555, line 50

    5. Enter any excludable savings bond interest from Form 8815, line 14

    6. Enter any excluded employer-provided adoption benefits from Form 8839, line 28

    7. Add lines 1 through 6. This is your Modified AGI for traditional IRA purposes

     

    To preview your tax return to get these numbers (for most people, it's just Form 1040 Line 11):

    1. Open or continue your return.
    2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
    3. With the Tax Tools menu open, you can then view your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu
    4. Scroll down until you see Form 1040 Line 11

    You can find the 2021 AGI limits for contributions to IRAs here.