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Author: footsox 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 124969  
Subject: Income limit on Roth IRA? Date: 2/11/2009 3:42 AM
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Is there a limit on how much income you can make and still get a Roth IRA? We have fortunately made more money in 2008 than in previous years. I have been putting the maximum allowable ($5000) into a Roth IRA for the past few years, but I believe our accountant told us that we made too much money in 2008 and cannot get a Roth IRA this year? Is there some limit for your income in getting a Roth IRA? I have never heard of this.

Also, we own a small business, which is incorporated, but pay ourselves a salary. The salary has not increased, but the corporation made more money than in 2007. If there are limits on the Roth, is it just the personal salary money we each make, that is considered, or are the corporate profits in there somehow? Thanks for any info.

Also, does anyone have a link that shows the Roth IRA rules/limits, etc? Thanks.

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