Skip to main content
April 1, 2025
Question

How to view MAGI for current tax year to determine ROTH IRA Contribution income limit?

  • April 1, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    KrisD15
    April 1, 2025

    You would need to compute that, the program does not offer it. There is a section where TurboTax can help with Traditional IRA contributions (Other Tax Situations) , but not Roth IRA contributions. 

     

    According to the IRS:

    MAGI for Roth IRA contributions

    Take your AGI and:

    • Add traditional IRA deductions - Schedule 1 (Form 1040), line 20
    • Subtract income from converting an IRA (other than a Roth IRA) to a Roth IRA - Form 1040 or 1040-SR, line 4b
    • Subtract rollovers from a qualified retirement plan to a Roth IRA - Form 1040 or 1040-SR, line 5b)

    For 2024, you can contribute to a Roth IRA if you have taxable compensation and MAGI less than the annual income amount for your filing status:

    • Married filing jointly - $240,000
    • Married filing separately - $10,000
    • All others - $161,000

    If your Roth calculated MAGI is more than the annual income amount for your filing status:

    You can refigure your AGI for these other income and losses that depend on your AGI for Roth IRA contributions:

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"