Modified AGI definition

Modified AGI means adjusted gross income

Modified AGI means an Investor’s adjusted gross income as defined in Section 219(g)(3) of the Code but, for purposes of determining the income limits on contributions to a Xxxx XXX, excluding any amount included in adjusted gross income as a result of a conversion from a Traditional IRA to a Xxxx XXX.

Modified AGI for any taxable year, shall mean adjusted gross income as determined under Section 219(g)(3) of the Code, except that such term shall not include (a) any amount included in federal adjusted gross income under Section 408A(d)(3) of the Code as a result of a Qualified Rollover Contribution or a Direct Transfer to a Roth IRA from an IRA which is not a Roth IRA, or (b) for any taxable year beginning after December 31, 2004, for purposes of Section 2.3, any amount included in gross income for federal income tax purposes by reason of a distribution required to be made from an IRA under Section 408(a)(6) or (b)(3) of the Code.

Examples of Modified AGI in a sentence

• If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced IRA Deduction to calculate whether your contribution will be fully or partially deductible.

• If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced XXX Deduction to calculate whether your contribution will be fully or partially deductible.

• Married Active Participant Filing a Separate Return (who lived together at any time during the year) - If you have a separate Modified AGI of more than $10,000 no deduction is permitted if either you or your spouse was an active participant for the year.

• The deductibility of regular IRA contributions depends upon your marital status, tax filing status, whether or not you are an "active participant" and your Modified AGI.

• If you or your Spouse's separate Modified AGI is more than $0 but less than $10,000, then each spouse's deductible limit is reduced for every $1 of Modified AGI between $0 and $10,000.

• If your or your Spouse's separate Modified AGI is more than $0 but less than $10,000, then each spouse's deductible limit is reduced for every $1 of Modified AGI between $0 and $10,000.

• Conversion from a Traditional IRA or an Employer Plan to a Xxxx XXX – Prior to 2010, you are permitted to make a qualified rollover contribution from a traditional IRA or an employer plan to a Xxxx XXX if your Modified AGI (not including the taxable amount converted) for the year during which the distribution is made does not exceed $100,000 and you are not a married person filing a separate tax return.

• Your actual contribution limit depends upon your marital status, tax filing status, and your Modified AGI.

• The amount which is permitted, depends upon your modified adjusted gross income (Modified AGI), your marital status, and your tax filing status.

• If you are a single taxpayer (or a married person filing a separate return who did not live with your spouse at any time during the year), and your Modified AGI is $95,000 or less, you may contribute up to the maximum amount stated above to your Xxxx XXX.

More Definitions of Modified AGI

Modified AGI for the purpose of a Xxxx XXX contribution means your AGI for the year (as defined in item 4(c)) minus any income from converting Traditional IRAs into Xxxx IRAs. $3,000 - Excess Modified AGI x $3,000 = Maximum $10,000 Xxxx XXX Contribution If you are age 50 or over, $3,500 replaces $3,000 in the formulas above. The third step is to adjust your result by rounding the result down to the next lower $10 level (the next lower number which ends in zero). For example, if the result is $1,525, you must round it down to $1,520. If the final result is between $0 and $200, the maximum Xxxx XXX con- tribution is $200.

Modified AGI means AGI determined without regard to certain losses and increased by certain amounts not includible in gross income. The losses disregarded are: (1) net capital losses (up to $3,000); (2) net losses from estates and trusts; (3) net losses from nonbusiness rents and royalties; (4) 75 percent of the net losses from businesses, computed separately with respect to sole proprietorships (other than farming), farming sole proprietorships and other businesses. For purposes of (4), amounts attributable to a business that consists of the performance of services by the taxpayer as an employee are not taken into account. The amounts added to adjusted gross income to arrive at modified adjusted gross income include: (1) tax-exempt interest; and (2) nontaxable distributions from pensions, annuities, and individual retirement plans (but not nontaxable rollover distributions or trustee-to-trustee transfers). Sec. 32(c)(5).

Modified AGI means your modified adjusted gross income for a Year, as defined in Code section 408A(c)(3)(C)(i), but not including any amount included in adjusted gross income as a result of a rollover from a Traditional IRA to a Xxxx XXX (a “conversion”).

Modified AGI means your modified adjusted gross income for a year, as defined in Code section 408A(c)(3) (C)(i), but not including any amount included in adjusted gross income as a result of a rollover from a Traditional IRA (or, beginning in 2009, from an eligible retirement plan described in Code section 402(c)(8)(B)) to a Roth IRA (a “conversion”).

Modified AGI means, for a taxable year, the Owner’s federal adjusted gross income according to the definition in Section 408A(c)(3)(C)(i) of the Code and does not include any amount included in adjusted gross income as a result of a Qualified Rollover Contribution from a non-XXXX XXX (a “conversion”).