WebSep 10, 2024 · 09-10-2024. AGI on 1040 is $331,673, Roth conversion amount $241,608, IRA contribution $14,000. Lacerte allowed the $14,000 deduction and worksheet points to publication 590 for not including the conversion in the calculation of MAGI. I know it's strange that they converted to a Roth and then made the contribution to the IRA. WebApr 12, 2024 · To enter your traditional IRA contribution: On the left side of your screen, click Federal. At the top of your screen choose Deductions and Credits. Scroll down to Retirement and Investments. Click Start on Traditional and Roth IRA Contributions. If this does not work you may need to start over by deleting any entries made on the IRA …
Adding earnings from 1099-R Roth IRA Return of Excess …
WebOct 1, 2024 · The maximum amount you can contribute to a Roth IRA for 2024 is $6,000 if you're younger than age 50. If you're age 50 and older, you can add an extra $1,000 per … WebApr 14, 2024 · Federal rules restrict direct contributions to a Roth IRA for high-income earners. In 2024, a single, head of household, or married, filing separately tax filer may contribute up to $6,500 if under age 50; $7,500 if 50 or older. However, if the investor has a modified adjusted gross income (MAGI) above $138,000, he is permitted only limited … poem for women\u0027s history month
2024-2024 Roth IRA Contribution Limits - Schwab Brokerage
WebNov 28, 2024 · Can contribute to a Roth individual retirement account (IRA) To contribute, your MAGI must be under the threshold set by the IRS. If you’re under the threshold, your contribution limit is also determined by your MAGI. Can deduct your traditional IRA contributions if you or your spouse have an employer-sponsored retirement plan, like a … WebSep 19, 2024 · a full deduction up to the amount of your contribution limit. single or head of household: more than $68,000 but less than $78,000. a partial deduction. single or head of household: $78,000 or more. no deduction. married filing jointly or qualifying widow(er) $109,000 or less. a full deduction up to the amount of your contribution limit. poem for writing number 4