UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: choznin Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75880  
Subject: IRA Account Types and Contributions Date: 3/18/2000 8:40 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
This board really gets buzzing this time of year, eh?

Here's my situation:
After changing jobs in '94, I rolled my 401K into an IRA. I didn't make any contributions to this account. In '98 I converted my rollover account into a Roth IRA. My brokerage gave me a new account number for the Roth and a small amount of interest ($19) accrued in the old account after the conversion. So now I have two accounts, a rollover IRA with $19 and a Roth IRA with much more. :-)

I was able to make a contribution to the Roth for '98, but for '99 my AGI is over $95K (I'm single) so I can't make a contribution to the Roth for last tax year and I'm quite sure I'll be in the same boat for this year.

So, here are the questions-
First, there's nothing magical about my old rollover account, right? I should now be able to use this account as a non-deductible IRA.

Second, I should be able to make a $2K non-deductible contribution for 1999 and another $2K non-deductible contribution for 2000 right now, correct?

Thanks for the help.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
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.
Post of the Day:
Value Hounds

My Big Fat Greek Splat
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.