The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Roth IRA, WHEN? Date:  1/21/1998  7:27 PM
Author:  suppo Number:  1423 of 127753

Roy, After receiving my W2, I noticed that a military officer is considered (for tax purposes) a pension plan participant? So I reviewed the Armed Forces IRS Pub and sure enough this is the case. In June I opended a traditional IRA, and maximized my 97 contribution. 1) Is that contribution non-deductible because I do not itemize or becuase I am considered to have a pension plan? 2) When I phoned the company which handles my IRA about conversion, they stated I would have to open a Roth under a distinctly separate account, however I could contribute to either account or both but not to exceed 2K. Your post contridicts this by saying I can only contribute to one in any tax year. Am I understanding correctly that I can maintain both a traditional and Roth version and is 98 the only year I can role this a non-roth to a roth?
Three questions to a post, I'll break them up in the future. Thanks Again, Brian
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us