- Traditional IRAs
- Roth IRAs
- SEP IRAs
- Simple IRAs
- 403(b) Plans
- Thrift Savings Plan
- Education Savings
My modified adjusted gross income (MAGI) falls within the phase-out range for Roth contribution eligibility? How do I determine.........
Last Updated April 15, 2013
My modified adjusted gross income (MAGI) falls within the phase-out range for Roth contribution eligibility? How do I determine the amount I am eligible to contribute?
If you use tax-preparation software, it should calculate the amount that you are eligible to contribute. If you want to calculate the amount manually, use the following steps:
- Subtract the lower dollar amount in the range from your MAGI.
- Divide the result by the difference between the lower amount in the range and the higher amount in the range.
- Multiply the result by the maximum contribution amount in effect for you for the year.
- Subtract the result from the maximum contribution amount
The result is the amount you are allowed to contribute to a Roth IRA.
See Roth IRA Definition for limits and ranges