#magi

What can be used to reduce MAGI

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What can be used to reduce MAGI I know 401k and HSA contributions reduce MAGI. I haven’t been able to find definite answers on if the health insurance premiums I pay for my employer sponsored plan do. Do pension contributions reduce my MAGI? What about half of self employment taxes? I’ve tried using MAGI calculators but they list a bunch of possibilities but also have “other” …

Reddit Personal Finance 927 2024-12-31

Confused by MAGI and retirement investing after 401k

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Confused by MAGI and retirement investing after 401k I make 120k per year before overtime/bonus and my wife makes 135k per year. We both max out our employer sponsored 401k accounts every year, we have existing Roth IRA accounts but we stopped contributing to them a couple of years ago when our total income neared the IRS Roth IRA income limits. I don’t fully understand the MAGI calculation and I …

Reddit Personal Finance 892 2024-12-24