For the 2024 tax year, I maxed out my Roth IRA, but am over the MAGI limit $230k, but under the limit ($2400k) where you cannot give any contributions.
The IRS gave an equation (link below) on how to calculate this reduced contribution you can make.
https://www.irs.gov/retirement-plans/pl ... e-for-2024
Has anyone done this before? The total I came up with is $6990.90, which doesn't seem like it would be correct.
I have my math below if anyone can help. *Note we filed as Married Filed Jointly
1. MAGI $237,987.00
2. $237987.00-$228,000 =$9.987
3. $9.987/$10,000 = .9987
4. .9987 x $7,000 = $6990.90
So based on this, I would've only over contributed by $9.10?
The IRS gave an equation (link below) on how to calculate this reduced contribution you can make.
https://www.irs.gov/retirement-plans/pl ... e-for-2024
Has anyone done this before? The total I came up with is $6990.90, which doesn't seem like it would be correct.
I have my math below if anyone can help. *Note we filed as Married Filed Jointly
1. MAGI $237,987.00
2. $237987.00-$228,000 =$9.987
3. $9.987/$10,000 = .9987
4. .9987 x $7,000 = $6990.90
So based on this, I would've only over contributed by $9.10?
Statistics: Posted by AK59 — Fri Jan 17, 2025 2:18 pm — Replies 5 — Views 257