MAGI affected by 401k/457?

[Guest gwargasm]

Sorry guys, I'm a noob. When trying to get a rough estimate of my MAGI, do I subtract my 401k and 457 contributions?

for example, last year i made 119g but i also contributed 20g to my 457 and 401k. so am i automatically under the roth caps on MAGI?

I can't get a straight answer out of anybody on this. I hope you can help. thanks

[Everett Moreland]

ftp://ftp.irs.gov/pub/irs-pdf/p590.pdf

See the explanation on page 60 and the worksheet on page 61 of IRS Publication 590, at the above link.

[Guest gwargasm]

lol, you couldn't make it easy for me, huh? so the answer seems to be yes, i do subtract the 20g i contributed to my 401k and 457 funds.

am i right? please spell it out fo rme i'm not too bright

[txdd]

Sorry, referring you to the IRS worksheet IS the easy answer since the calculation of MAGI involves lots of details.

Your question lacked some critical information. I assume that you are asking about Roth contribution limits since the time for making Roth conversions for 2007 is gone. The MAGI limits depend on your filing status: single, married joint. etc. You really should read the relevant parts of Pub 590.

The place to start to figure MAGI is your AGI which already excludes any pre-tax 457/401k. So, if the "119g" you made last year is your AGI, then you do NOT deduct your employer plan contributions.

[Guest gwargasm]

cool. i told you i wasn't too bright. thanks for spelling it out for me