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Gold, Silver, and Other Precious Metals in Your IRA or 401K?

Learn how, why, when to add them to your retirement account

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Words of Wealth

Modified Adjusted Gross Income (MAGI)

 

The amount determined an individual’s 1040 tax return that determines eligibility for deductibility of contributions to an IRA or eligibility for Roth IRA contributions. The MAGI is determined by taking an individuals adjusted gross income (line 37) and adding back certain items such as foreign income, IRA deductions, etc.

Note: The MAGI for determining Roth IRA eligibility subtracts income from Roth IRA conversions, so that the conversions in a given year do not affect your eligibility for your annual contribution based on that year’s income.