The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Roth IRA contribution or IRA contrib?||Date: 12/13/1999 11:20 PM|
|Author: DowDanny||Number: 23055 of 122620|
1. I will hit the AGI upper limit for joint filing and thus not qualify for the Roth IRA contribution. Can I still contribute to a non-deductible IRA? <
Yes. You can always choose to contribute up to $2000 to a non-deductible IRA.
2. Assuming only one is an earning member, is the total contribution for self and spouse towards an IRA (Roth/traditional) $4000 or $2000? <
The "earning spouse" can contribute up to $2000 to his/her own account and an additional (but separate) $2000 to the account of the "unearning spouse".
3. Can someone who incurs income from private tutoring contribute to a Roth/traditional IRA? Since there is no W2 involved, what proof is necessary in order to qualify for contribution <
Um... how about the 1040, Schedule C ?
If you're reporting $2000 of earned income, then there's your proof.
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