The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retired Fools


Subject:  Re: ROTH IRA Date:  12/9/2005  9:58 AM
Author:  DorothyM Number:  10231 of 20597

A retiree receiving SS takes a short term consulting position & earns $7500, which is the only earned income for the year. Other than the couple's SS payments their only source of income is from dividend distributions. The couple files a joint return. The spouse does not hold a paying position. If the couple meets the income eligibility requirements, can each contribute $4500 to Roth IRAs for 2005?

Note that IRA (Roth and Traditional) limit for 2006 is $4000 + a catchup, for over-50s, of $1000 -- a total of $5000.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us