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Financial Planning / Foolish 401(k)s


Subject:  Re: Self directed IRA's Date:  2/2/1999  12:16 PM
Author:  JAFO31 Number:  811 of 25844

Wild7and8: you wrote "2. Regular IRA account for my wife if elligable. . . .
4. Roth IRA for my wife (contributing $2k)."

There is an annual maximum limit of $2000 that may be contributed to all IRAs for any one person for a single tax year. You cannot contribute $2000 to a regular IRA for your wife and also contribute $2000 to a Roth IRA for your wife for the same tax year.
I am assuming, for the moment, that all of the other requirements for opening the IRA are otherwise satisfied.

Hope this helps. JAFO
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