1. Enter 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 include your spouse's taxable
compensation.
- Do not reduce your taxable compensation by any
losses from self-employment.
- If your taxable compensation is equal to or greater
than the annual IRA contribution limit ($3,000 if under
age 50, or $3,500 if age 50 or older), skip lines (2)
through (6) and enter that amount on line (7).
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$_______
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2. Enter your spouse's taxable
compensation for the year. |
$_______
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3. Compare the amount on line (1) with
the amount on line (2). If line (2) is greater than line
(1), enter the amount from line (2). Otherwise, enter
zero. |
$_______
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4. Enter the amount your spouse contributed to his or
her own traditional and Roth IRAs for the year.
- This amount cannot be more than $3,000 ($3,500 if
your spouse is age 50 or older). If it is, your spouse
has made excess contributions.
- Do not include amounts that your spouse rolled over
into an IRA from another IRA or retirement plan, or
amounts that your spouse converted from a traditional
IRA to a Roth IRA.
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$_______
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5. Subtract line (4) from line (3).
- If result is less than zero, enter zero.
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$_______
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6. Add lines (1) and (5). |
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7. Enter the lesser of line (6) or $3,000
($3,500 if age 50 or older). |
$_______
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8. Enter total contributions that you
made to traditional IRAs for this year. |
$_______
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9. Subtract line (8) from line (7).
- If result is zero, stop here. You cannot contribute
to a Roth IRA for this year.
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$_______
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10. Enter your modified adjusted gross income for the
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.
- This amount represents the combined modified
adjusted gross income of you and your spouse.
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$_______
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11. Subtract $150,000 from line (10).
- If result is zero or less, stop here. You can
contribute the full amount shown on line (9).
- If result is $10,000 or more, stop here. You cannot
contribute to a Roth IRA for this year.
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$_______
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12. Divide line (11) by $10,000. |
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13. Multiply line (12) by the amount on line (7).
- If result is not an even multiple of $10 (e.g.,
$660, $670, $680), round to the next lowest multiple of
$10.
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$_______
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14. Subtract line (13) from line (7).
- If result is less than $200 but more than zero,
enter $200.
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$_______
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15. Enter the smaller of line (9) or line (14).
- This is the total amount that you can contribute to
a Roth IRA for this year.
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$_______
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