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I think AGI is box one on the W2....which in my case is gross salary + GTL - 401k - Medical. (is it really that simple?)

As for contributing $3000 this year, and then finding out you made too much. I think the solution is to recharactize the contribution as a non-deductible traditional IRA.
Otherwise, it is pull it out and/or pay penalties.

The Dreamer.




Ok, now I get to really show my ignorance! What is GTL? By medical, do you mean medical expenses in excess of 7.5%, or do you mean medical insurance payments?

If I start a traditional non-deductible IRA, is that subtracted from the gross income? Is a non-deductible traditional IRA bound by the $3000 limit?

If he is over the AGI limit for 2002, would my best course of action be to just not make any kind of IRA contribution for that year and then resume contributing once we are married and filing jointly and the AGI limit is raised to $150,000?

Thank you!!!

Karen

(the more I learn, the more I learn that I have a LOT more to learn)
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