Modified Adjusted Gross Income – MAGI Calculator for Roth IRA Purposes 1


Modified Adjusted Gross Income – MAGI Calculator for Roth IRA Purposes

This Modified Adjusted Gross Income (MAGI) Calculator is based on worksheet 2-1 that is found on page 63 of Publication 590. This worksheet can be used to figure modified adjusted gross income for Roth IRA purposes.

Modified Adjusted Gross Income for Roth IRA Purposes

Description

Amount

1. Enter your adjusted gross income from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37

2. Enter any income resulting from the conversion of an IRA (other than a Roth IRA) to a Roth IRA and a rollover from a qualified retirement plan to a Roth IRA

3. Subtract line 2 from line 1

4. Enter any traditional IRA deduction from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32

5. Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33

6. Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19

7. Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34

8. Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18

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

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

11. Enter any excluded employer-provided adoption benefits from Form 8839, line 24

12. Add the amounts on lines 3 through 11

13. Enter:

$183,000 for 2012 ($188,000 for 2013) if married filing jointly or qualifying widow(er),

$10,000 if married filing separately and you lived with your spouse at any time during the year, or

$125,000 for 2012 ($127,000 for 2013) for all others

Modified Adjusted Gross Income (MAGI)

Is the amount on line 12 more than the amount on line 13? If yes, see the note below.

If no, the amount on line 12 is your modified adjusted gross income for Roth IRA purposes.

Note. If the amount on line 12 is more than the amount on line 13 and you have other income or loss items, such as social security income or passive activity losses, that are subject to AGI-based phaseouts, you can refigure your AGI solely for the purpose of figuring your modified AGI for Roth IRA purposes. (If you receive social security benefits, use Worksheet 1 in Appendix B of Publication 590 of IRS to refigure your AGI.) Then go to list item 2 under Modified AGI earlier or line 3 above in this Worksheet to refigure your modified AGI. If you do not have other income or loss items subject to AGI-based phaseouts, your modified adjusted gross income for Roth IRA purposes is the amount on line 12 above.