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re: Filed 2022 Taxes and am over the ROTH Income Limit
Posted on 4/12/23 at 12:31 pm to LSUFanHouston
Posted on 4/12/23 at 12:31 pm to LSUFanHouston
The MAGI limit for married filing jointly (assuming you are married) is $218K, but you can still contribute a reduced amount if you are under $228K. It's a small cushion in case you underestimated your MAGI to start the tax year.
I'm getting very close to the limit so I started researching the new requirements this past year.
ETA - if you're close to the limit, one trick is to wait until early in the next tax year so that you can get better visibility to your actual MAGI, and then contribute at that point if you are able to. We just made our 2022 contributions last week.
I'm getting very close to the limit so I started researching the new requirements this past year.
ETA - if you're close to the limit, one trick is to wait until early in the next tax year so that you can get better visibility to your actual MAGI, and then contribute at that point if you are able to. We just made our 2022 contributions last week.
This post was edited on 4/12/23 at 12:34 pm
Posted on 4/12/23 at 1:16 pm to skewbs
quote:
The MAGI limit for married filing jointly (assuming you are married) is $218K,
So I am in a similar situation, but we did not come to this point until late in 2022.
Does this only matter when you start the tax year or do I need to go back and factor in contributions from the moment our salary increased in 2022?
Posted on 4/12/23 at 2:57 pm to skewbs
quote:way Way WAY too low for married joint filing , should be $500k, but oh well, way she goes.
The MAGI limit for married filing jointly (assuming you are married) is $218K,
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