Sentences with phrase «magi phase»

If you participate in a workplace retirement plan, the 2012 MAGI phase - out ranges are $ 58,000 - 68,000 for singles and heads of households and $ 92,000 - 112,000 for couples.3

While working on my 2015 taxes, I discovered that, because we were so close to the MAGI phase - out range, the earnings on the distribution of excess contributions resulted in additional excess contributions ($ 620 — $ 310 each).

(If you earn a lot of money, your maximum contribution to a Roth IRA may be reduced because of MAGI phase - outs.)

Not exact matches

The phase - out range for 2017 is $ 56,000 to $ 66,000 of MAGI for single filers and $ 112,000 to $ 132,000 for joint filers.

For 2017 tax returns, the maximum benefit for the AOTC begins to phase out when modified adjusted gross incomes (MAGI) reaches $ 80,000 and is completed phased out at MAGI of $ 90,000.

If you, or your spouse, if filing a joint tax return, have earned income, you are eligible to contribute to a Roth IRA as long as your MAGI is at or below the phase - out limits.

However, the AOTC for 2017 is phased out for single filers between $ 80,000 of $ 90.000 of MAGI.

If you're single, or file as head of household, the ability to contribute to a Roth begins to phase out at MAGI of $ 118,000 and is completely phased out at $ 133,000.

As your modified adjusted gross income (MAGI) increases, the child tax credit begins to phase out.

The deduction amount begins to phase out for individuals with MAGIs of more than $ 65,000 and couples with more than $ 165,000.

For married couples filing jointly, the credit is available for MAGIs of $ 110,000 and is gradually phased out up to a maximum allowable MAGI of $ 130,000.

Homebuyers with higher incomes may only be able to claim a reduced credit because it is phased out based on modified adjusted gross income (MAGI).

For contributors whose MAGI lies between $ 101,000 and $ 116,000, note that the contribution limit is already phased out.

In 2016, the interest deduction for student loans phases out for joint filers with MAGI between $ 130,000 and $ 160,000 and for single filers with MAGI between $ 65,000 and $ 80,000.

Single filers and heads of household can make a full Roth IRA contribution for 2013 if their MAGI is less than $ 112,000; the phase - out range is from $ 112,000 - 127,000.

Also, the phase - out uses modified adjusted gross income (MAGI) not income.

He adds, «If you file a single tax return, and your MAGI is less than $ 120,000, then you can contribute the full amount ($ 5,500 per year for those under 50 years old, and $ 6,500 per year for those 50 and older), but you are phased out from making a contribution at $ 135,000.»

For 2017, this tax break begins to phase out at $ 117,250 of modified adjusted gross income (MAGI) for married joint filers ($ 78,150 for single taxpayers).

The ability to contribute to a Coverdell ESA phases out for individual taxpayers with modified adjusted gross income (MAGI) above $ 95,000 and disappears completely for MAGI above $ 110,000.

The income limits for Roth IRA contributions also increased: single folks with a MAGI less than $ 118,000 can make a full contribution, and this is phased out up to a MAGI of $ 133,000, an increase of $ 1,000 at each end of the range.

For married folks filing jointly who are not covered by a workplace retirement plan but are married to someone who is covered, the MAGI limit for deduction is $ 186,000, phased out at $ 196,000; this is an increase of $ 2,000 over 2016's limits.

However, eligibility to contribute to a Roth IRA phases out for joint filers with a MAGI of $ 186,000 to $ 196,000 in 2017 ($ 189,000 to $ 199,000 in 2018).

Because your MAGI is in the phase - out range from making a Roth IRA contribution and there are earnings attributable to your excess contribution, you have the problem that you describe: the taxable earnings increase your MAGI causing even more of your Roth IRA contribution to be excess.

However, if one or both are active participants, tax deductibility for joint filers phases out at a modified adjusted gross income (MAGI) of $ 99,000 to $ 119,000 for a participating spouse and $ 186,000 to $ 196,000 for a nonparticipating spouse in 2017.

Tax credit begins to phase out for modified adjusted gross income (MAGI) over $ 125,000 (or $ 225,000 for joint filers).