MAGI for Roth IRA eligibility
I’m working through the MAGI for Roth IRA Purposes worksheet from Pub 590. The worksheet asks for Traditional IRA deductions taken on Schedule 1. Would that include deductions for Sep contributions?
I’m working through the MAGI for Roth IRA Purposes worksheet from Pub 590. The worksheet asks for Traditional IRA deductions taken on Schedule 1. Would that include deductions for Sep contributions?
Permalink Submitted by Alan - IRA critic on Wed, 2020-10-14 18:28
No, the worksheet only wants traditional IRA contributions reported on line 19 of Sch 1 of Form 1040. SEP deductions go on a different line. SEP deductions are not added back to determine MAGI for Roth contribution purposes.
Permalink Submitted by Jeff Beebe on Thu, 2020-10-15 00:24
Great, thank you!