Web Services Development
Newsletter
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.

$________



Prepared by Broadridge Investor Communication Solutions, Inc, Copyright 2011