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Financial Planning / Tax Strategies
|Subject: Re: Rollover to Roth, AGI Limits||Date: 2/15/1998 6:49 PM|
|Author: KATinChicagoland||Number: 2010 of 121061|
<<the AGI rollover limit is the same for single or married joint ($100K), do I have this right?>>
That's right. And for married filing separately the rollover is not permitted.
<<Is the AGI we're talking about for the rollover allowance the 1040 line before deductions? I read some where that the numer is actually from a "Modified AGI". Please tell me this number only includes earned income.>>
No such luck. AGI is modified to exclude any income from the rollover itself; beyond that it is modified in the same way as under the regular IRA rules (for example, adding back the foreign earned income exclusion).
KAT in Chicagoland
Tax Guide for Investors
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