rwdflynavy
Recycles dryer sheets
My DW inherited an annuity when my MIL passed away. I know the total value is about $42K. We asked for info about the annuity and all the company sent us was that our Cost Basis is about $9.4K.
We have the very first world problem of managing our total income to keep us eligible for Roth IRA contributions and I want to ensure we don't go over the $218K amount after which eligibility for Roth contributions declines.
From this limited info can anyone tell me what portion will count as AGI for taxes if we take the entire amount this year? I'm hoping it is just the $9.4K, but I'm not sure.
Appreciate any assistance!
We have the very first world problem of managing our total income to keep us eligible for Roth IRA contributions and I want to ensure we don't go over the $218K amount after which eligibility for Roth contributions declines.
From this limited info can anyone tell me what portion will count as AGI for taxes if we take the entire amount this year? I'm hoping it is just the $9.4K, but I'm not sure.
Appreciate any assistance!