Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

If our AGI is over 150,000, what can we contribute for a roth

IRA. We are just...
If our AGI is over 150,000, what can we contribute for a roth IRA. We are just over that and it seems we cannot save anything for retirement.
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
7/2/2009
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified

If your filing status is married filing jointly, then you can each contribute $5,000 ($6,000 if age 50 or older) to a Roth IRA as long as your modified adjusted gross income (MAGI) is less than $166,000.

 

http://www.irs.gov/retirement/participant/article/0,,id=202518,00.html

 

Ask Your Own Tax Question
Customer reply replied 8 years ago
if i am just over the 166000 this year I cannot have a roth so what are ways to lower my MAGI besides morgatge interest

If your MAGI is just over $166,000 but less than $176,000 then you can still contribute to a Roth IRA but the amount you can contribute is reduced. For example, if your MAGI is $167,000 then you could contribute $4,500 instead of $5,000.

 

If you or your spouse are eligible to make elective deferrals to an employer sponsored retirement plan such as a 401(k) or 403(b) plan and are not deferring the maximum amounts permitted, then if you increase your salary deferrals you will in turn reduce your MAGI.

 

Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified
Bill and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Bill Your Own Question
Bill
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
3,153 Satisfied Customers
Experience: EA, CEBS - 35 years experience providing financial advice

Bill is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am 66yrs old married filing jointly $70.000 income. Will I
I am 66yrs old married filing jointly $70.000 income. Will I pay taxes on my SS benefits of $24.000 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Would like to open a roth ira for my early 20 something son
would like to open a roth ira for my early 20 something son and need advice. I would like something easy to contribute to and doesnt have a lot of fee's like a management fee AND a transcation fee AND… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I plan on rolling my traditional 401k into my Roth IRA. I
I plan on rolling my traditional 401k into my Roth IRA. I have about $16000 taxable in my traditional 401K. Is there anyway to avoid the large tax hit?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Are adr fees in a roth ira or an ira deductible, as
are adr fees in a roth ira or an ira deductible, as investment expenses? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
I recall a type of retirement plan called non-qualified
I recall a type of retirement plan called non-qualified whereby the company pays the retiring employee a payment, not from a standard funded ERISA plan but from its operating funds. The payment is ful… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
On line 37 my 2015 Form 1040 I had an adjusted gross income
On line 37 my 2015 Form 1040 I had an adjusted gross income of $291,546. on my Amended 1040X for 2015 I have taxable income of $179,542. How do I get proof of this to get an adjusted MAGI to give to M… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
I'm checking into using part of my Roth IRA as a down
I'm checking into using part of my Roth IRA as a down payment on a condo and want to make sure I don't incur a taxable event or penalty. I have transferred/consolidated funds from fidelity to vanguard… read more
Carter McBride
Carter McBride
LLM
252 satisfied customers
Roth IRA question: If the Roth is at least 5 years old, can
Roth IRA question: If the Roth is at least 5 years old, can you use basis to pay for college expenses for your NIECE or Nephew? Or does it have to be immediate family? Looking for an alternative to a … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We are married filing jointly $90000 was our salary which
we are married filing jointly $90000 was our salary which was taxed and on a W2. We took $100000 from our rollover IRA. We are under 59 1/2. We already paid the early 10% withdrawal. Our question is w… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
What are tax rules for an inherited Roth IRA, GA, the
what are tax rules for an inherited Roth IRA JA: Since estate law varies from place to place, can you tell me what state this is in? Customer: GA JA: What documents or supporting evidence do you have?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Married filing jointly. AGI $170k. we have an extension for
Married filing jointly. AGI $170k. we have an extension for our 1040 My employer has a retirement plan. Wife is self employed with $6700 Net Profit on Schedule C Line 12 1) Can she contribute $6500 to… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
We have been filing income taxes as married, filing jointly,
Hello My name is*****: What state are you in? It matters because laws vary by location. Customer: We have been filing income taxes as married, filing jointly, in California … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
As I worked for a non-profit there was no Roth IRA for the
As I worked for a non-profit there was no Roth IRA for the 403-b. I got laid off last year and haven't been able to find another job. I moved my IRA to a well-known investing company. I am almost 62 a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Roth IRA. I have a very specific question about excess
Roth IRA. I have a very specific question about excess contributions to a Roth IRA. I am a tax preparer. My client made a Roth IRA contribution for 2016 in April of 2017. It then turned out that his i… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have an old 457b retirement plan from a county government
I have an old 457b retirement plan from a county government job. I have not worked there in over 14 years. Is it possible to roll the money in it into an existing IRA, or 401k? Dwight, Maricopa, AZ.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
Generally, 403()9 church retirement plans are not subject to
Generally, 403(b)9 church retirement plans are not subject to SECA taxes on ministerial salary reduction contributions. In other words, ministers will save almost 15 percent in SECA taxes by using a c… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
This year I will be filing married filing jointly. I
Good morning Pearl. This year I will be filing married filing jointly. I contriubute the max amount I can to my 401k and my spouse is close. We put some in Roth and some in before tax in our 401k. We … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x