Guest BThaler Posted December 5, 1998 Posted December 5, 1998 Are tax exempt income and/or capital gains included in modified adjusted gross income (MAGI). For example: An individual has salaries and capital gains equaling $90M. If tax exempt income is $50M, do they still qualify to CONVERT an existing IRA to the Roth?
BPickerCPA Posted December 6, 1998 Posted December 6, 1998 Cap gains ARE included, tax exempt interest income is NOT. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
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