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Author: bjrussell Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Contribution Date: 12/10/1999 7:48 PM
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OK,

I contribute the max to my company 401K.

My wife does not contribute to any retirement plan at the moment.

I would like to open a Roth IRA while my wife opens a Traditional IRA (in order to take advantage of the maximum tax benfit & be able to contribute when she is not working).

We file jointly and our gross is 110,000, split about 50/50

Here are my questions,

1. when I use the fool calculator for myself alone, it tells me that I am contributing more than the max, but as far as I can tell this should be OK right?

2. Can anyone see any flaws in my plan? (besides spelling)

3. Are the earnings on your IRA part of the anual contribution? ie. 10% of $2000 = $200, therefore annual contribution for that year = $1800. I think this might be a dumb question, but "I ain't from around these parts" and I don't want to make and dumb mistakes.

Thanks for any of your thoughts,

B
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