The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/roth-and-the-wage-limits-again-10518250.aspx

Subject:  Roth and the wage limits again. Date:  1/13/1999  3:26 AM
Author:  malmalusa Number:  8329 of 126475

I opened a Roth IRA this year, everything fine...
However during 1999 my wife will be going back to
work and my part time business will contribute
an unknown amount to my income. Its quite possible
that come 2000 tax return time we will find ourselves
over the Roth contribution limit.
I would like to contribute my $2k to my Roth this
month to maximise my potential gains, but what happens
if in 12 months time if I find I'm over the contribution limit?
1) Can I convert my Roth contribution to a regular
IRA contribution.
2) What happens to any gain or loss that I make on the
$2k I invested, and if its relevant how would I
calculate the loss/gain given that the money will be
agrigated with my previous contributions?
Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us