Thanks for the answer. Yes the $26K reflects the SEP deduction, taxes, expenses...
You're right I may have to use the solo 401K to reduce the MAGI more... but at least for this year with MAGI < 186K, I will be able to use the full Roth IRA so that's good. Thanks!
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- Wed May 17, 2017 7:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: MAGI Calculation with SCorp / SEP
- Replies: 2
- Views: 364
Hi, I am trying to evaluate if my wife and I will be eligible to contribute for the RothIRA for this year (2017), but I am confused on how to calculate my MAGI. We are a married couple. - Wife: Gross income=$62,000. 403B Contribution=$18,000 - Husband : Work as employee of SCorp. Gross income of SCo...