The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Modified Adjusted Gross Income Date:  2/1/2007  7:20 AM
Author:  jrr7 Number:  91580 of 127521

Turbo Tax is saying that my "modified adjusted gross income" is too high. Are capital gains considered in this calculation? Our combined salaries is less than 160,000 but we had a large capital gains that would put us over that limit. I read in an IRS publication under the heading "What Is Not Compensation?"

To contribute to a Roth IRA, your modified AGI must be below a certain level, but your compensation (i.e. what you paid social security tax on) must be at least the amount of your contribution.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us