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M
mplemercpa
Level 2
March 25, 2020

Roth contribution computation

  • March 25, 2020
  • 1 reply
  • 22 views

I have a single client under 50 y/o who had AGI of $119,967 and wanted to do the max Roth of $6000. Proseries limited her to $5420 . She is a member of a retirement plan thru her employer. 

As I read it, if your AGI is under $122,000 you can do the max? So why is their a limit of $5420?

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    1 reply

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    March 25, 2020

    Are you saying her AGI is under $122,000 or her MAGI. You have to use MAGI not AGI

      M
      mplemercpaAuthor
      Level 2
      March 25, 2020

      I am using MAGI from the Proseries Roth IRA Contribution limit worksheet!!

      T
      TaxGuyBill
      Level 15
      March 25, 2020

      It is working for me.  

      Have you looked through the entire Roth IRA Contribution Limit worksheet to see where it limits it?  That should answer it.  If you don't understand where it is limiting it, give us all of the numbers on that worksheet and we may be able to help you figure it out.

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