Modified AGI definition

Modified AGI means adjusted gross income
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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.
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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.
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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.

  • Modified AGI is the sum of the taxpayer’s AGI plus amounts excluded from income under sections 911, 931, and 933 (relating to the exclusion of income of U.S. citizens or residents living abroad; residents of Guam, American Samoa, and the Northern Mariana Islands and residents of Puerto Rico, respectively).

  • Figuring Your Modified AGI Keep for Your RecordsUse this worksheet to figure your modified adjusted gross income for traditional IRA purposes.

  • Effect of Modified AGI on Roth IRA Contribution‌This table shows whether your contribution to a Roth IRA is affected by the amount of your modified adjusted gross income (modified AGI).

  • This is your Modified AGI for traditional IRA purposes ..............

  • Figuring Your Modified AGI Keep for Your RecordsUse this worksheet to figure your modified AGI for traditional IRA purposes.


More Definitions of Modified AGI

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”).
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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”).
Sample 1
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.
Sample 1
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).
Sample 1
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”).
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Related to Modified AGI

  • Modified Asset Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant to Section 3.24 of this Agreement in a manner that:

  • Specified Agreement is defined in Section 8.1(e) of the Agreement.

  • Modified Version of the Document means any work containing the Document or a portion of it, either copied verbatim, or with modifications and/or translated into another language.

  • Modified EDFR means a reference rate equal to the EDFR plus the EDFR Spread;

  • genetically modified organism has the meaning given to that term in the Gene Technology Xxx 0000 (Cth).

  • Specified Agreements means agreements relating to the following matters, namely:

  • Abortion-inducing drug means a drug, medicine, mixture, or preparation, when it is prescribed or administered with the intent to terminate the pregnancy of a woman known to be pregnant.

  • Specified Asset as defined in subsection 4.2.2 hereof.

  • Modified or related words shall have meanings correlative thereto.

  • long term specified asset means any bond, redeemable after three years and issued on or after the 1st day of April 2006:

  • Modified Eligible Transferee means any bank, financial institution or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities and other financial assets.

  • Certified Remanufacture System or Verified Engine Upgrade means engine upgrades certified or verified by EPA or CARB to achieve a reduction in emissions.

  • Modified adjusted gross income means “federal adjusted gross income”:

  • Substance use disorder means a cluster of cognitive,

  • specified area means the area defined in the Schedule to this byelaw.

  • Existing manufactured home park or subdivision means a manufactured home park or subdivision for which the construction of facilities for servicing the lots on which the manufactured homes are to be affixed (including, at a minimum, the installation of utilities, the construction of streets, and either final site grading or the pouring of concrete pads) is completed before the effective date of the floodplain management regulations adopted by a community.

  • Specified Action has the meaning set forth in Section 3.4.2.

  • Notified Action shall have the meaning set forth in Section 7.04(a) of this Agreement.

  • Arising out of a contract with the DoD means any act in connection with—

  • Specified Amount of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such Component Currency.

  • Existing Manufactured Home Park or Manufactured Home Subdivision means a manufactured home park or subdivision for which the construction of facilities for servicing the lots on which the manufactured homes are to be affixed (including, at a minimum, the installation of utilities, the construction of streets, and either final site grading or the pouring of concrete pads) was completed before the initial effective date of the floodplain management regulations adopted by the community.

  • Simplified and/or aggregate billing arrangement means a billing arrangement providing additional medical gap benefits.

  • Residential living care means a level of service provided by an assisted living facility for adults who may have physical or mental impairments and require only minimal assistance with the activities of daily living. The definition of "residential living care" includes the services provided by independent living facilities that voluntarily become licensed.

  • Specified anatomical areas means and includes:

  • Violent criminal activity means any criminal activity that has as one of its elements the use, attempted use, or threatened use of physical force substantial enough to cause, or be reasonably likely to cause, serious bodily injury or property damage.

  • Emotional abuse means behavior that could harm a child's emotional development, such as threatening, intimidating, humiliating, demeaning, criticizing, rejecting, using profane language, or using inappropriate physical restraint.