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|Subject: Re: Roth Question||Date: 8/11/2006 11:59 AM|
|Author: ptheland||Number: 53093 of 75890|
.... 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
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