Understanding AGI?
Hi
I am about to start a new job and wanted to get some clarity on how adjusted gross income can negatively impact both my 401K and Roth Ira.
I looked up the AGI for 2016 and it show a range between $61K-$71K. My new salary will fall within the range in 2017. I calculated that I will earn about $55K this year since I am leaving my current job this month.
My question is could I still contribute to the new 401K and Roth IRA without going above the AGI level? Also, if I am fortunate to make some $ while investing in real estate and it puts me over the AGI does this mean I would need to stop my contributions all together?
It's a complex situation, but I would appreciate some feedback so I can decide which direction to go.
Thanks,
Armand.