I'm trying to estimate my modified AGI to determine if I can deduct a traditional IRA for 2018.
Because I'm single these rules should apply:
MAGI $63,000 or less: a full deduction up to the amount of your contribution limit.
more than $63,000 but less than $73,000: a partial deduction.
$73,000 or more: no deduction.
According to my paystub for today I made XXXXX dollars this year.
I contributed 18,200 to 401k.
I paid 1,765 for health insurance through my employer (pre tax)
Does that make my MAGI XXXXX- 18,200 - 1765?
I keep reading online that my MAGI also includes the IRA contribution?
I've already put 2,000$ in my traditional IRA for this year, but it looks like I won't be able to get any deduction for it.
Is there anything I can do? Roll over to Roth IRA or just take the money out? It's a Vanguard IRA.
Thanks in advance!