The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/-do-we-still-qualify-for-a-roth-well-you-24456559.aspx

Subject:  Re: Roth Question Date:  8/11/2006  11:59 AM
Author:  ptheland Number:  53093 of 75377

.... do we still qualify for a Roth?

Well, you don't say how big those deductions are. And not all of them can be deducted from your income for Roth purposes.

The $160k number is in Adjusted Gross Income (AGI) as reported on your tax return (with a couple of modifications that probably don't apply). I don't recall the line number offhand, but its the last line on the front page of your 1040. That's the number that needs to be under $160k. And if you want a full Roth contribution, it needs to be under $150k. Between $150k and $160k, you can make a partial Roth contribution.

I believe IRS publication 529 will have all of the details, and a worksheet to see if any of those modifications apply to you. You can get that pub from the IRS web site, www.irs.gov .

--Peter <== hoping he got the right publication number from memory
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us