What AGI?
2006-10-08 06:07:22 · 2 answers · asked by Andrew W 1 in Business & Finance ➔ Personal Finance
As with most tax questions, a lot of situational details are necessary to give a complete answer. If you are subject to the Alternative Minimum Tax (generally MFJ AGI of $150k +) or if your contributions are more than 20% of your AGI, your deduction could be limited. The specific details regarding the contributions also impact whether the deduction is limited.
2006-10-08 11:00:38 · answer #1 · answered by CPAKeith 3 · 0⤊ 0⤋
Adjusted Gross Income (AGI)
Phase-out of contribution limit
The $500 annual contribution limit for education IRAs is phased out ratably for contributors with modified adjusted gross income (`AGI') between $95,000 and $110,000 ($150,000 and $160,000 for joint returns). Individuals with modified AGI above the phase-out range are not allowed to make contributions to an education IRA established on behalf of any individual.
2006-10-08 14:14:42 · answer #2 · answered by Piggiepants 7 · 0⤊ 0⤋