The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: New 2002 Roth Contributions||Date: 1/11/2002 3:16 AM|
|Author: mplynch||Number: 33245 of 83121|
The Roth is already nondeductible, so it means nothing to that vehicle.
In otherwords, I can contribute $3000 this year, being a Californian?
As the law currently reads, you cannot. Under current law, contributing $3,000 to your ROTH IRA would open it up to disqualification and penalties from California.
There are tax gurus out there that suggest you contribute the first $2,000 to your existing IRA, and put the next $1,000 into a new IRA, simply to keep the amounts segregated until it becomes clearer what California will do.
Michael Lynch, CPA
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|