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|Subject: Re: Roth IRA Marriage Penalty!!||Date: 9/2/2003 2:08 PM|
|Author: TMFPixy||Number: 37083 of 82309|
married individuals filing separately cannot contribute to a Roth IRA if either has an adjusted gross income (AGI) greater than $10,000
FYI, I think you're missing a zero in there... :-)
No, Aleph wrote that correctly. The rules for a married person filing separately stipulate that a Roth annual contribution is not allowed when modified AGI reaches $10K. The $100,000 stipulation you're thinking of is for a conversion contribution (i.e., a rollover of a traditional IRA to a Roth IRA).
For details, see our IRA Area at http://www.fool.com/money/allaboutiras/allaboutiras.htm and IRS Publication 590 (Individual Retirement Arrangements) available for download at http://www.irs.ustreas.gov/forms_pubs/pubs.html.
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