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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
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If our AGI is over 150,000, what can we contribute for a roth

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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.

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.,,id=202518,00.html


Customer: 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.


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