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Author: BillyBarueFool Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121340  
Subject: No Roth IRA if you have a 401k? Date: 2/29/2008 11:40 AM
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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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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99143 of 121340
Subject: Re: No Roth IRA if you have a 401k? Date: 2/29/2008 11:49 AM
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Try these links for starters.

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

--Peter

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99144 of 121340
Subject: Re: No Roth IRA if you have a 401k? Date: 2/29/2008 11:50 AM
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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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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99150 of 121340
Subject: Re: No Roth IRA if you have a 401k? Date: 2/29/2008 6:24 PM
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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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