mch_2 OP t1_jabbdnm wrote on February 28, 2023 at 4:46 AM Reply to comment by DeluxeXL in Do Roth IRA excess contribution removals need to be exact in $ value? by mch_2 I believe AGI includes this which is applicable for me: net capital losses (up to $3000) Both of these helped me reduce my AGI, but still a bit over the limit. https://www.investopedia.com/terms/m/magi.asp says MAGI needs to remove deductions from "passive income/loss"... But not sure what that means, and if it includes (1). The IRS worksheet 2-1 does not mention (1) so I think my AGI = MAGI? I will definitely go the trad IRA/backdoor route in the future.. I do have losses for all $6000, so removing all seems like an easy solution? Permalink Parent 1
mch_2 OP t1_jaa8tuw wrote on February 27, 2023 at 11:50 PM Reply to comment by DeluxeXL in Do Roth IRA excess contribution removals need to be exact in $ value? by mch_2 I meant I don’t know the $900 part. I understand the Roth account provider will calculate the associated losses/gain that comes with the ~$900. Permalink Parent 1
Do Roth IRA excess contribution removals need to be exact in $ value? Submitted by mch_2 t3_11dqrzs on February 27, 2023 at 11:45 PM in personalfinance 6 comments 2
mch_2 OP t1_jabbdnm wrote
Reply to comment by DeluxeXL in Do Roth IRA excess contribution removals need to be exact in $ value? by mch_2
I believe AGI includes this which is applicable for me:
Both of these helped me reduce my AGI, but still a bit over the limit.
https://www.investopedia.com/terms/m/magi.asp says MAGI needs to remove deductions from "passive income/loss"... But not sure what that means, and if it includes (1).
The IRS worksheet 2-1 does not mention (1) so I think my AGI = MAGI?
I will definitely go the trad IRA/backdoor route in the future.. I do have losses for all $6000, so removing all seems like an easy solution?