Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: edyboom223 Big red star, 1000 posts Old School Fool Ticker Guide CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Should I Convert? Date: 6/20/2011 11:58 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hey TRP,

Honestly, I wish I could do this! If I am earning about $30,000, I would love to not exclude $5,000 in order to max out my Roth! If I have to pay tax on the $5,000 in order to do so, I would gladly do it. A little bit of pain now for a lot of happiness later would completely be worth it.

I do file my taxes every year. I believe that you have to. While the earnings don't add value to my future SS or medicare (to my knowledge), I was told that the years of work will count.

Phil, is it possible to choose not to exclude $5,000 of my income in order to legally contribute to a Roth?


Edyboom
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement