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Roger files as single on his 2017 tax return. He has a MAGI amount of 120,000...

Roger files as single on his 2017 tax return. He has a MAGI amount of 120,000 for the year. What is the maximum contribution amount that Roger can make to his Roth IRA?

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Answer #1

Answer = $4767

Explanation:

If u r single or head and your income is greater than 118000 but less than 133000 than your contribution will be phased out and will be calculated as follow:

Maximum ROTH IRA contribution = $5500

Steps:

1) start with your modified AGA

2) subract from the amount in (1) $118000[120000-118000]

3) divide the answer in part (2) bg $15000[2000÷15000]

4) multipy tha maximum contribution limit by the result in part (3)[0.13333333×5500maximum contribution)]

5) Subtract the result in (4) from the maximum contribution limit before this reduction. The result is your reduced contribution limit[5500-733= 4767]

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