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If you have any of these adjustments, you can use Worksheet 6-1 to figure your MAGI for Form 1040 or 1040-SR. MAGI when using Form 1040-NR. If you file Form 1040-NR, your MAGI is the AGI on line 11 of that form. Worksheet 6-1. MAGI for a Coverdell ESA 1. Enter your AGI (Form 1040 or 1040-SR, line 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45) . . . . . . . . . . 2. 3. Enter your foreign housing deduction (Form 2555, line 50) . . . . . . . . . . . . . . . 3. 4. Enter the amount of income from Puerto Rico you’re excluding . . . . . . . . 4. 5. Enter the amount of income from American Samoa you’re excluding (Form 4563, line 15) . . . . . . . . . . . . . . . 5. 6. Add lines 2, 3, 4, and 5 . . . . . . . . . . . . . . 6. 7. Add lines 1 and 6. This is your MAGI . . . . . . . . . . . . . . . . . . . . . . . . 7. Figuring the limit. To figure the limit on the amount you can contribute for each designated beneficiary, multiply $2,000 by a fraction. The numerator (top part) is your MAGI minus $95,000 ($190,000 if filing a joint return). The denominator (bottom part) is $15,000 ($30,000 if filing a joint return). Subtract the result from $2,000. This is the amount you can contribute for each beneficiary. You can use Worksheet 6-2 to figure the limit on contributions. Coverdell ESA Contribution Limit 1. Maximum contribution . . . . . . . . . . . . . . . 1. $ 2,000 2. Enter your MAGI for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 6-1) . . . . . . 2.

3. Enter $190,000 if married filing jointly; $95,000 for all other filers . . . . . . . . . . . . 3.

4. Subtract line 3 from line 2. If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8 . . . . . . . . . . . . 4.

5. Enter $30,000 if married filing jointly; $15,000 for all other filers . . . . . . . . . . . . 5.

Note. If the amount on line 4 is greater than or equal to the amount on line 5, stop here. You aren't allowed to contribute to a Coverdell ESA for 2022. 6. Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. . 7. Multiply line 1 by line 6 . . . . . . . . . . . . . . . 7.

8. Subtract line 7 from line 1 . . . . . . . . . . . . 8. Note. The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Example. A taxpayer filing as single, had MAGI of $96,500 for 2022. The taxpayer can contribute up to $1,800 in 2022 for each beneficiary, as shown in the illus- trated Worksheet 6-2. Worksheet 6-2. Page 42 Chapter 6 Coverdell Education Savings Account (ESA)