mch_2
mch_2 OP t1_jaa8tuw wrote
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.
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?