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Financial Planning / Tax Strategies
|Subject: Re: No Roth IRA if you have a 401k?||Date: 2/29/2008 11:50 AM|
|Author: TMFPMarti||Number: 99144 of 122015|
So I haven't been eligible for a Roth in some years. But incomewise - I think I can contribute to a 2007 IRA now.
However - I had a company 401k benefit in 2007.
Does this mean that I am not eligible to contribute to a Roth IRA for '07?
What about a traditional IRA?
Whether or not you were covered by a retirement plan has no effect on Roth eligibility. See Chapter 2 of IRS Publication 590 for the Roth requirements.
Anyone with earned income (or a spouse with earned income and filing a joint return) can contribute to a traditional IRA until the year in which he turns 70 1/2. Whether or not such a contribution is deductible depends on whether you or your spouse are covered by a retirement plan and, if one of you is, your income. See Chapter 1 of Pub 590.
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