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So I haven't been eligible for a Roth in some years. But incomewise - I think I can contribute to a 2007 IRA now.

However - I had a company 401k benefit in 2007.

Does this mean that I am not eligible to contribute to a Roth IRA for '07?

What about a traditional IRA?

Hmm...

BillyBF
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Try these links for starters.

http://www.fool.com/ira/ira.htm

--Peter
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So I haven't been eligible for a Roth in some years. But incomewise - I think I can contribute to a 2007 IRA now.

However - I had a company 401k benefit in 2007.

Does this mean that I am not eligible to contribute to a Roth IRA for '07?

What about a traditional IRA?


Whether or not you were covered by a retirement plan has no effect on Roth eligibility. See Chapter 2 of IRS Publication 590 for the Roth requirements.

Anyone with earned income (or a spouse with earned income and filing a joint return) can contribute to a traditional IRA until the year in which he turns 70 1/2. Whether or not such a contribution is deductible depends on whether you or your spouse are covered by a retirement plan and, if one of you is, your income. See Chapter 1 of Pub 590.

Phil
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Anyone with earned income (or a spouse with earned income and filing a joint return) can contribute to a traditional IRA until the year in which he turns 70 1/2. Whether or not such a contribution is deductible depends on whether you or your spouse are covered by a retirement plan and, if one of you is, your income. See Chapter 1 of Pub 590.

And, provided you meet the earned income and AGI limitations, you can continue to contribute to a Roth IRA even after age 70.

Ira
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