The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Roth IRA Marriage Penalty!!||Date: 9/2/2003 2:08 PM|
|Author: TMFPixy||Number: 37083 of 74759|
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.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|