The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/agi-adjusted-gross-income-is-the-amount-entered-18522588.aspx

Subject:  Re: Roth AGI Calculation Date:  2/1/2003  12:47 PM
Author:  pauleckler Number:  35645 of 75335

AGI, adjusted gross income, is the amount entered on line 33 of Form 1040. That is after all of your other income from investments is added and many deductions like IRA contributions and alimony payments are deducted.

Yes, in estimating your income for Roth IRA purposes, Block 1 is the right one to use, but you really want the line 33 value. But not to worry, if you think your income allows a contribution, make the contribution and then learn your income was greater than expected, you can still recharacterize the contribution as a traditional IRA contribution.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us