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Author: txbuckeye Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76238  
Subject: Contribution Limits Date: 2/22/2000 3:09 PM
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Let me apologize in advance if this question has been answered before. I read the entire "All About IRA's" pages and did a quick scan a few pages back on this board. Unfortunately, I can't think of a search criteria that would limit the hits to less than 10,000 or so. So here goes:

I still am not certain what I can and cannot do without suffering the wrath of the IRS. I work and contribute the maximum allowable to my company's 401-k. My spouse does not work. We file jointly and our AGI is below the $150,000 Roth IRA limit.

I THINK that this is what I can do with respect to ROTH/Deductible IRAs:

I canNOT contribute deductible money to a "regular" IRA.
AND
I CAN contribute up to $2000 to a ROTH IRA.
AND
My spouse CAN contribute up to $2000 to EITHER a Roth or deductible IRA, but not both. If it is contributed to a traditional IRA, it is deductible now.

All of this is per year of course. I am uncertain about 2 items: First, can I contribute to the Roth and my non-working spouse still contribute $2000? Second, can my non-working spouse contribute to a Roth if she has no earned income? I know a spouse without income can contribute to a regular IRA, but I couldn't figure out if they could do the same to a Roth.

Thanks for your patience.
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19399 of 76238
Subject: Re: Contribution Limits Date: 2/22/2000 3:31 PM
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Greetings, Txbuckeye, and welcome. You asked:

<<All of this is per year of course. I am uncertain about 2 items: First, can I contribute to the Roth and my non-working spouse still contribute $2000? Second, can my non-working spouse contribute to a Roth if she has no earned income? I know a spouse without income can contribute to a regular IRA, but I couldn't figure out if they could do the same to a Roth.>>

Based on the circumstances you have outlined and provided you file a joint return, then you may contribute $2K to your Roth and your spouse may contribute $2K to either a fully deductible traditional IRA or to a Roth.

Regards..Pixy

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