| Roth IRA Contribution Worksheet: 2004
Your filing status is single or head
of household
1. Enter the lesser of $3,000 ($3,500 if
age 50 or older) or 100% of your taxable compensation for
the year.
- Taxable compensation includes wages, salaries,
commissions, self-employment income, and taxable
alimony or separate maintenance.
- Do not include earnings and profits from property
(rent, interest, dividends).
- Do not reduce your taxable compensation by any
losses from self-employment.
|
$________
|
2. Enter total contributions
you made to traditional IRAs for the year. |
$________
|
3. Subtract line (2) from line (1)
- If result is zero, stop here. You cannot contribute
to a Roth IRA for this year.
|
$________
|
4. Enter your modified adjusted gross
income for this year.
- This represents the total income shown on the
"adjusted gross income (AGI)" line of your federal
income tax return, minus (or not including) the taxable
amount of your Social Security benefits, plus income
that is normally not included in AGI (such as foreign
earned income, qualified U.S. savings bond income used
to pay for higher education, and tax-exempt interest
income).
- Do not include any amount included in AGI as a
result of a qualified rollover contribution from a
traditional IRA to a Roth IRA.
- If your modified adjusted gross income is $95,000
or less, stop here. You can contribute the full amount
shown on line (3).
|
$________
|
5. Subtract $95,000 from line (4).
- If the result is $15,000 or more, stop here. You
cannot contribute to a Roth IRA for this year.
|
$________
|
6. Divide line (5) by
$15,000. |
$________
|
7. Multiply line (6) by the amount on
line (1).
- If result is not an even multiple of $10 (e.g.,
$660, $670, $680), round to the next lowest multiple of
$10.
|
$________
|
8. Subtract line (7) from line (1).
- If result is less than $200 but more than zero,
enter $200. This is the amount that you can contribute
to a Roth IRA for the year.
|
$________
|
9. Enter the smaller of line (3) or line
(8).
- This is the total amount that you can contribute to
a Roth IRA for this year.
|
$________
|
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