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Author: BookmFool Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 79818  
Subject: Re: income limits for Roth IRA contributions Date: 3/7/2001 6:29 PM
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Hi michaeld63:
I'm confused about whether I can contribute to a Roth IRA or not. I made a bit over $160,000 in 2000. I contributed $10,500 to my 403b which brought my adjusted income to $150,750.00. After all other itemized deductions, my taxable income is at $127,000.00. Which income do I use?

I'm going to give this a shot, but look for verification from someone else, though. The important number is your modified adjusted gross income, which is before your itemized deductions and exemptions come out, so it's not the $127,000.00 you quoted. You'll prolly have to use the $150,750.00 amount and have a reduced contribution, filing a married joint return. Just to be sure, don't include interest, dividends or capital gains in your AGI.

For more on this, IRS publication 590 will provide plenty of info, as well as the tax board FAQ, both links are here:




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