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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121189  
Subject: Re: IRA limits? Date: 4/16/2011 6:43 AM
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Can anyone point me to an IRS link that spells out the limits?

IRS Publication 590. At your income level if you are covered by a retirement plan set up for your business (SEP, SIMPLE, 401(k), Keough) the only type of IRA contribution available to you is a nondeductible traditional IRA.

Can anyone comment on the Susie Orman suggestion of opening a traditional IRA and then converting to a Roth IRA?

We talked a lot about it here early in 2010 when the rules changed and this strategy became available for some people with high incomes. Missing from your narrative is one key piece of information. What existing traditional IRA accounts, including SEPs, SIMPLEs and rollovers from employer plans, do you have?

And do we have until the end of Monday (April 17th) to do all that? Thanks for any info.

Actually, Monday is the 18th, and yes.

Do get back to us about what retirement plan you have set up for the business and your "inventory" of traditional IRAs. Not that it's necessary for information here, but why in the world haven't you discussed this with your CPA?

Phil
Rule Your Retirement Home Fool
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