Sentences with phrase «magi ranges»

The tax laws limit the eligibility to contribute to a Roth IRA based on MAGI ranges that are published annually and correspond to your federal tax filing status — if your MAGI is less than the lower limit, you are eligible to contribute up to the annual contribution limit for the year; if your MAGI is between the limits, you are eligible to make a partial Roth IRA contribution; and if your MAGI is above the upper limit you are not eligible to contribute to a Roth IRA.

On the other hand, aiming for a higher income, which falls beyond the prescribed MAGI range, might speed up the process of repayment more effectively.

For borrowers filing as single, the MAGI range you must have is ideally below $ 65,000, but can stretch up to $ 80,000.

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 2006, the contribution phaseout for Roth IRA Contributions using the following Modified Adjusted Gross Income (MAGI) ranges are:

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.

Only a certain range of modified adjusted gross income (MAGI) qualifies for student loan interest deduction.

But, if your MAGI does fall in the partial contribution range, you can use the formula to find out the partial contribution amount.

In order to make the full contribution each year, the Roth IRA rules state that your MAGI must fall inside the range listed for your filing status in the table below.

But if her employer offers a 401 (k), she could make contributions to bring her modified adjusted gross income (MAGI) down into or below the phaseout range.

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.

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).

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.

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