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Topic: IRA (Deductible) (

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vyom
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Joined: 29 Jan 2011
Location: India
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Posts: 24

Posted: 14 Nov 2011 at 09:53 \| IP Logged

When it comes to the deductibility requirements:
1. Active participation in another qualified plan: OK
2. Excessive AGI 2011 (Rich):
Single: $56-66,000; MFJ: $90-110,000; MFS: 0-$10,000

However, for joint filers there is complete phase out when MFJ with MAGI 2011 (Super Rich): $169,000-179,000.

my confusion is because of AGI and MAGI... (Becker Regulation R2- Pg 5 & 6).
On page 5, the deductibility will not be permitted if taxpayer has active participation in another qualified plan and excessive AGI. however, on pg #6 the table "summary chart" at the bottom is showing MAGI.

WanabeACPA
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Joined: 25 Jun 2011
Online Status: Offline
Posts: 38

Posted: 14 Nov 2011 at 19:07 \| IP Logged

I never thought twice about it the first time I read it so
I looked it up. Basically, it is AGI with certain items
added back into it. This is the page i found

http://www.fivecentnickel.com/2006/11/10/what-is-modified-
adjusted-gross-income-agi/

__________________
AUD - 91
FAR - 82
BEC - 87
REG - 11/30

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