Sentences with phrase «reducing magi»

For instance, HSA contributions are listed on IRS 1040 and will reduce your AGI, thus reducing your MAGI as well, because as you see on the first line of the table, the MAGI calculation takes AGI as a starting point (and then modifies it, hence the name).

As I understand it, regular IRA contributions reduce your MAGI used for figuring the Premium Tax Credit.

Another reason to convert to Roth is to reduce your MAGI, even if you expect to be in the same tax bracket.

Not exact matches

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

Joint filers with MAGI from $ 189,000 to $ 198,999 ($ 120,000 to $ 134,999 for singles) are eligible to make reduced contributions.

If you are close to the income limit cut off, you would reducing your taxable income and could get your Modified Adjusted Gross Income (MAGI) below the amount needed to qualify for a Roth IRA — and you may actually be able to make a Roth IRA contribution after all!

Each Child Tax Credit you qualify for will be reduced by $ 50 for every $ 1,000 your modified adjusted gross income (MAGI) exceeds the lower threshold.

Yes, the earnings on the withdrawn amount count towards MAGI, further reducing your contribution limit

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).

The amount you can contribute to a Roth IRA is reduced when your modified adjusted gross income (MAGI) reaches certain limits.

Managing MAGI means planning a few years ahead as to how much you will take out of an IRA or 401 (k), and managing capital gains or losses as well as other types of investment income in a way that reduces the amount of total income that shows on your tax return.

If your filing status is married filing separately, your Roth IRA contribution is reduced if your MAGI is less than $ 10,000, and you can't contribute to a Roth IRA at all if your MAGI is $ 10,000 or more.

Your deduction is reduced if your MAGI is more than $ 189,000 and less than $ 199,000, and you can't deduct your contribution at all if your MAGI is $ 199,000 or more.

If you or your spouse contributes to an employer - sponsored retirement plan, such as a 401 (k) or 403 (b), and your Modified Adjusted Gross Income (MAGI) exceeds annual limits, you may need to reduce or entirely eliminate your IRA deduction.

Your filing status is married filing separately, your traditional IRA deduction is reduced if your MAGI is less than $ 10,000, and you can't deduct your contribution at all if your MAGI is $ 10,000 or more.

If your MAGI falls within the phaseout, your contribution will be reduced.

Each Child Tax Credit you qualify for will be reduced by $ 50 for every $ 1,000 your modified adjusted gross income (MAGI) exceeds the lower threshold.

But be aware that if your MAGI is between $ 65,000 and $ 80,000 (if filing as an individual) or $ 130,000 to $ 160,000 (filing jointly), there's a phaseout of the benefit — your maximum deduction will be reduced according to a formula that's explained here.

You will qualify for a reduced amount of the credit if your MAGI is greater than $ 80,000, but less than $ 90,000 (over $ 160,000 but less than $ 180,000 for married filing jointly).

Keep in mind that Roth IRA contributions may be reduced or possibly ruled out depending on your modified adjusted gross income (MAGI).

Joint filers with MAGI from $ 189,000 to $ 198,999 ($ 120,000 to $ 134,999 for singles) are eligible to make reduced contributions.

Your deduction eligibility is gradually reduced and eventually eliminated by phaseout as your modified adjusted gross income (MAGI) increases to the annual limit for your filing status.

However, your credit is reduced if your modified adjusted gross income (MAGI) is more than:

Those with MAGI between $ 125,000 and $ 145,000 — or $ 225,000 and $ 245,000 for joint filers — are eligible for a reduced credit.