"Taxable Income" = MAGI for ROTH calculation purposes?

[trashmanz]

"Taxable Income" = MAGI for ROTH calculation purposes?

Trying to figure out if we can contribute to our ROTH this year. 

Two income family, 3 kids.

HR Block software calculates:
Adjusted gross income is 189K
Deductions 28K
Exemptions 20K
"Taxable income" = 141K

Does this mean DW and I can contribute the max to our ROTH this year?  I.e. Taxable income = MAGI?

[seattlecyclone]

No, MAGI is Modified Adjusted Gross Income, which for many people is very similar to Adjusted Gross Income. It does not include the standard/itemized deductions or personal exemptions.

See this link for exactly what is added back to the AGI when calculating MAGI.

[trashmanz]

No, MAGI is Modified Adjusted Gross Income, which for many people is very similar to Adjusted Gross Income. It does not include the standard/itemized deductions or personal exemptions.

See this link for exactly what is added back to the AGI when calculating MAGI.

Bummer, thanks for the info though.

[msilenus]

No one has income too high to get money into their Roth.  There's just an extra step if you're over the income threshold.

https://www.bogleheads.org/wiki/Backdoor_Roth_IRA

[trashmanz]

No one has income too high to get money into their Roth.  There's just an extra step if you're over the income threshold.

https://www.bogleheads.org/wiki/Backdoor_Roth_IRA

Ah yes I forgot about this.  Thank you for the link.