Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ (i.e., an ▇▇▇ subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 (for 2017) or $189,000 (for 2018) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 (for 2017) or $120,000 (for 2018) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 (for 2017) or $199,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 (for 2017) or $135,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2018. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $2,750 ([$196,000 minus $191,000] divided by $10,000 and multiplied by $5,500). (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and
Appears in 2 contracts
Sources: Roth Individual Retirement Custodial Account Agreement, Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ IRA (i.e., an ▇▇▇ IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 (for 2017) or $189,000 (for 2018) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 (for 2017) or $120,000 (for 2018) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 (for 2017) or $199,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 (for 2017) or $135,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2018.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $2,750 ([$196,000 minus $191,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; ;
(2) divide this total by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $121,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $4,400 ([$133,000 minus $121,000] divided by $15,000 and multiplied by $5,500).
Appears in 1 contract
Sources: Roth Ira Plan Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 2015 and 20182016, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ IRA (i.e., an ▇▇▇ IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 183,000 (for 20172015) or $189,000 184,000 (for 20182016) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 116,000 (for 20172015) or $120,000 117,000 (for 20182016) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 193,000 (for 20172015) or $199,000 194,000 (for 20182016) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 131,000 (for 20172015) or $135,000 132,000 (for 20182016) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20182016.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000189,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 2016 is $2,750 ([$196,000 194,000 minus $191,000189,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and
Appears in 1 contract
Sources: Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 2015 and 20182016, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ (i.e., an ▇▇▇ subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 183,000 (for 20172015) or $189,000 184,000 (for 20182016) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 116,000 (for 20172015) or $120,000 117,000 (for 20182016) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 193,000 (for 20172015) or $199,000 194,000 (for 20182016) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 131,000 (for 20172015) or $135,000 132,000 (for 20182016) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20182016.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000189,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 2016 is $2,750 ([$196,000 194,000 minus $191,000189,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and
(3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $120,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2016 is $4,400 ([$132,000 minus $120,000] divided by $15,000 and multiplied by $5,500).
Appears in 1 contract
Sources: Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ IRA (i.e., an ▇▇▇ IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 (for 2017) or $189,000 (for 2018) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 (for 2017) or $120,000 (for 2018) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 (for 2017) or $199,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 (for 2017) or $135,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-of- living increases for tax years beginning after 2018.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $2,750 ([$196,000 minus $191,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-phase- out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $121,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $4,400 ([$133,000 minus $121,000] divided by $15,000 and multiplied by $5,500).
Appears in 1 contract
Sources: Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 2014 and 20182015, with possible cost-of-living cost‐ of‐living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ (i.e., an ▇▇▇ subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 181,000 (for 20172014) or $189,000 183,000 (for 20182015) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 114,000 (for 20172014) or $120,000 116,000 (for 20182015) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 191,000 (for 20172014) or $199,000 193,000 (for 20182015) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 129,000 (for 20172014) or $135,000 131,000 (for 20182015) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living cost‐of‐living increases for tax years beginning after 20182015.
(1) Begin with the appropriate MAGI phase-out phase‐out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out phase‐out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up catch‐up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000188,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 2015 is $2,750 ([$196,000 193,000 minus $191,000188,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out phase‐out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out phase‐out range maximum and minimum; and
Appears in 1 contract
Sources: Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 2014 and 20182015, with possible cost-of-living cost‐of‐living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ IRA (i.e., an ▇▇▇ IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 181,000 (for 20172014) or $189,000 183,000 (for 20182015) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 114,000 (for 20172014) or $120,000 116,000 (for 20182015) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 191,000 (for 20172014) or $199,000 193,000 (for 20182015) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 129,000 (for 20172014) or $135,000 131,000 (for 20182015) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living cost‐of‐living increases for tax years beginning after 20182015.
(1) Begin with the appropriate MAGI phase-out phase‐out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out phase‐out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up catch‐up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000188,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 2015 is $2,750 ([$196,000 193,000 minus $191,000188,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out phase‐out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out phase‐out range maximum and minimum; and
(3) multiply this number by the maximum allowable contribution for the applicable year, including catch‐up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $119,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2015 is $4,400 ([$131,000 minus $119,000] divided by $15,000 and multiplied by $5,500).
Appears in 1 contract
Sources: Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 2014 and 20182015, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ IRA (i.e., an ▇▇▇ IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 181,000 (for 20172014) or $189,000 183,000 (for 20182015) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 114,000 (for 20172014) or $120,000 116,000 (for 20182015) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 191,000 (for 20172014) or $199,000 193,000 (for 20182015) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 129,000 (for 20172014) or $135,000 131,000 (for 20182015) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20182015.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000188,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 2015 is $2,750 ([$196,000 193,000 minus $191,000188,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and
Appears in 1 contract
Sources: Traditional and Roth Ira Plan Agreement & Disclosure
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-cost- of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ IRA (i.e., an ▇▇▇ IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 (for 2017) or $189,000 (for 2018) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 (for 2017) or $120,000 (for 2018) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 (for 2017) or $199,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 (for 2017) or $135,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2018.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $2,750 ([$196,000 minus $191,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $121,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $4,400 ([$133,000 minus $121,000] divided by $15,000 and multiplied by $5,500).
Appears in 1 contract
Sources: Roth Individual Retirement Custodial Account Agreement
Maximum Contribution. The total amount you may contribute to a ▇▇▇▇ ▇▇▇ for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-cost- of-living adjustments each year thereafter. If you also maintain a Traditional ▇▇▇ (i.e., an ▇▇▇ subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your ▇▇▇▇ IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all ▇▇▇▇ IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your ▇▇▇▇ ▇▇▇ contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 (for 2017) or $189,000 (for 2018) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 (for 2017) or $120,000 (for 2018) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 (for 2017) or $199,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Single individuals with MAGI equaling or exceeding $133,000 (for 2017) or $135,000 (for 2018) may not fund a ▇▇▇▇ ▇▇▇. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a ▇▇▇▇ ▇▇▇. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2018.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $191,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $2,750 ([$196,000 minus $191,000] divided by $10,000 and multiplied by $5,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $121,000, your maximum ▇▇▇▇ ▇▇▇ contribution for 2017 is $4,400 ([$133,000 minus $121,000] divided by $15,000 and multiplied by $5,500).
Appears in 1 contract
Sources: Roth Individual Retirement Account Application/Adoption Agreement