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|Subject: Re: IRA Contribution Limint||Date: 2/1/1999 11:27 PM|
|Author: IndecisiveFool||Number: 8259 of 75802|
<<Am I correct in my belief that there is no income limit for NON-deductible IRA contributions?>>
That's absolutely correct for a nondeductible traditional IRA. The Roth IRA also allows nondeductible contributions, but none may be made to that vehicle if AGI exceeds $110K for single filers or $160K for joint filers.
To add to Pixy's answer. Just being picky. ;)
There is a minimum income limit for the yearly maximum IRA contribution of $2000. You will need at least $2000 in earned income.
P.S. To explain my reasons for being picky. One, it's past my bedtime. Two, there have been several questions in the past about the ability to make contributions when the person only had unearned income.
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