Thank you for the correction. I have been excluding only 1040 line 4b when I do my computation so glad to hear I can also exclude line 5b.Correction:Traditional IRA conversions to Roth IRA are excluded. Traditional 401k conversions to Roth 401k/IRA are not excluded.
If the rollover is from any employer retirement plan to a Roth IRA it is excluded, per bolded sentence below:........................Worksheet 2-1. Modified Adjusted Gross Income for Roth IRA Purposes
Use this worksheet to figure your modified adjusted gross income for Roth IRA purposes.
1. Enter your adjusted gross income from Form 1040, 1040-SR, or
1040-NR, line 11 ..............................................................
2. Enter any income resulting from the conversion of an IRA (other than a
Roth IRA) to a Roth IRA (included on Form 1040, 1040-SR, or 1040-NR,
line 4b) and a rollover from a qualified retirement plan to a Roth IRA
(included on Form 1040, 1040-SR, or 1040-NR, line 5b) ...................
3. Subtract line 2 from line 1 ............................
Statistics: Posted by HomeStretch — Tue Apr 02, 2024 11:20 pm — Replies 4 — Views 322