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Roth IRA contribution limits for 2012 Source: IRS. Note the middle categories ranging from $173,000 to $183,000 of AGI for joint filers and from $110,000 to $125,000 for single filers.
Understanding Adjusted Gross Income (AGI) AGI, or Adjusted Gross Income , is your total income, including wages, interest, dividends and capital gains, minus specific deductions or adjustments.
The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and ...
A Roth IRA is an individual retirement account (IRA) under United States law that is generally not taxed upon distribution, provided certain conditions are met. The principal difference between Roth IRAs and most other tax-advantaged retirement plans is that rather than granting an income tax reduction for contributions to the retirement plan, qualified withdrawals from the Roth IRA plan are ...
Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.
Modified adjusted gross income (MAGI) Contributions. Single or head of household. Less than $150,000. Full amount up to the limit. Single or head of household. More than $150,000 but less than ...
A Roth IRA originally contains $4,000. At the beginning of a new fiscal year, an additional contribution of $5,000 is made, which brings the total balance to $9,000. At the end of the fiscal year it turns out that the IRA holder exceeded the contribution limits (for example, due to an unexpected salary raise) and that only a partial ...
Do you earn too much income to open or contribute to a Roth IRA? Learn about the IRS's rules when it comes to Roth IRAs.
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