Money Matters
csuave
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Roth IRA and MAGI
Thought I would share in case this benefits anyone.
I was worried about if we would be phased out of Roth IRA contributions this year because I had an unusually high bonus. I was also unsure how our side hustles would contribute to our total income.
We were planning to start the backdoor method if needed but we just got our taxes done and our accountant confirmed that we are definitely eligible for 2016 because of what our MAGI is. I feel so dim that I wasn't thinking of MAGI and was instead thinking of gross income. We take deductions and H started a new job halfway through last year that offered a 401K. We maxed that out resulting in a really low take home paycheck for H and also helping the MAGI.
edited to say MAGI not AGI
I was worried about if we would be phased out of Roth IRA contributions this year because I had an unusually high bonus. I was also unsure how our side hustles would contribute to our total income.
We were planning to start the backdoor method if needed but we just got our taxes done and our accountant confirmed that we are definitely eligible for 2016 because of what our MAGI is. I feel so dim that I wasn't thinking of MAGI and was instead thinking of gross income. We take deductions and H started a new job halfway through last year that offered a 401K. We maxed that out resulting in a really low take home paycheck for H and also helping the MAGI.
edited to say MAGI not AGI
Re: Roth IRA and MAGI