Hi Reader,
Roth IRAs can be powerful tax planning tools, but income limits apply.
These limits are based on Modified Adjusted Gross Income or MAGI. This can make things a bit confusing because we don't often think of our income in these terms.
Referring back to your tax returns can help but tax planning is key.
It's best to think of MAGI as your Adjusted Gross Income with certain deductions added back in.
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David N. Waldrop, CFP®
Owner of Bridgeview Capital Advisors, Inc. a Registered Investment Advisor.
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