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Roth Contribution Limits
Posted on 1/2/14 at 9:21 am
Posted on 1/2/14 at 9:21 am
I know ROTH questions get asked a lot around here, but had a couple questions related to the limits:
- I'm trying to understand the whole MAGI calculation when it comes to knowing whether you can still contribute to a Roth IRA. Does this number correlate to a specific line item on your 1040 tax form? Like line 37, 'Adjusted Gross Income'?
- And what happens if I contribute the $5500 for 2013 (cause I already did) and then when I do my taxes I discover I'm over the MAGI limit?
The reason all of this is in question for me this year is I was paid out some severance amounts when a my previous employer was bought out, so it may push me over the limit for this year. I assume in future years I'll still be able to contribute since this was a one-time deal?
- I'm trying to understand the whole MAGI calculation when it comes to knowing whether you can still contribute to a Roth IRA. Does this number correlate to a specific line item on your 1040 tax form? Like line 37, 'Adjusted Gross Income'?
- And what happens if I contribute the $5500 for 2013 (cause I already did) and then when I do my taxes I discover I'm over the MAGI limit?
The reason all of this is in question for me this year is I was paid out some severance amounts when a my previous employer was bought out, so it may push me over the limit for this year. I assume in future years I'll still be able to contribute since this was a one-time deal?
1
Posted on 1/2/14 at 9:22 pm to Htown Tiger
If you are over the limit, you will have to withdraw the $5500 and (I think any interest earned). I had to do this last year.
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