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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29569
Experience:  Taxes, Immigration, Labor Relations
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I am 59. Income is 60000. I contribute 15300 to a simple ira

Customer Question

I am 59. Income is 60000. I contribute 15300 to a simple ira at work. 6500 to a regular ira,and 4350 to an hsa.i have no other adjustments to income. I am single witth 0 dependents. What will my AGI be?
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
My hsa and regular ira are not through my job.
Expert:  Lev replied 1 year ago.

A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees' and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or nonelective contributions.

I assume that you made salary reduction contributions to SIMPLE IRA $12500 plus catch-up contribution (up to $3,000 because you are over 50) - total $15300 - so W2 box 1 would report $60000 - $15300 = $44700 - that amount is reported on 1040 line 7.

Expert:  Lev replied 1 year ago.

If you choose to deduct your traditional IRA contribution $6500 - that will be on 1040 line 32 and will reduce your AGI

You may do that because your income is below the modified AGI limit ($61,000 )

Correspondingly - if you qualify - for HSA - you may deduct your $4350 contribution on line 25

and your AGI will be $44700 - $6500 - $4350 = $33850


Let me know if you need any help with reporting.


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