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***** Scenario 4: Roth IRA Conversion & Income Considerations ...

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Accounting

*****
Scenario 4: Roth IRA Conversion & Income Considerations
Michael and Sarah (married filing jointly) have a combined MAGI of $220,000.
Michael converts $30,000 from his Traditional IRA to a Roth IRA.
Wages: $190,000 between them
Interest and Dividend Income: $1,200
Itemized Deductions: $30,000
Allowable deduction for self-employment tax: None
Calculate:
The tax impact of the Roth IRA conversion.
Analyze the income limits for Roth IRA conversions and whether they apply.
AGI, Taxable Income, and Total Tax Liability

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