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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.
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...
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.
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
Tax filing status. Modified adjusted gross income (MAGI) Contributions. Single or head of household. Less than $146,000. Full amount up to the limit. Single or head of household
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 ...
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 ...
For example, if you’re a single filer and your modified adjusted gross income is $110,000, you’ll be able to take full advantage of the Roth IRA (since it’s below the $146,000 limit).
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