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 SCorp=$163,000. SEP IRA=$25,000. Salary $100,000. Corporate income at end of year will be around $26K.
Will my MAGI be the following? or am I missing something...
MAGI => Wife (62,000 - 18,000) + Husband (100,000 - 25,000) + SCorp profit (26,000) = $145,000
Thanks! This is the first time I work with an SCorp, and I am basically confused on how the SEP works in MAGI calculation