Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev Thread | Next Thread
Author: opavero Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121150  
Subject: ROTH IRA Date: 10/4/1997 2:38 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
My ajusted income is approx. 70,000/yr. I'm new to investing and wondering how I can invest more and reduce my tax base. could I open a regular IRA and a Roth IRA the same year?
Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 462 of 121150
Subject: Re: ROTH IRA Date: 10/6/1997 11:36 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
<<My ajusted income is approx. 70,000/yr. I'm new to investing and wondering how I can invest more and reduce my tax base. could I open a regular IRA and a Roth IRA the same year?>>

Nope. You are limited to a $2,000 annual contribution, regardless of how it is split up. So multiple IRAs (Roth, regular, education, etc.) all totally funded on an annual basis can't be done.

But if you are looking to reduce your current taxable income, check with your employer. It is likely that your employer has some type of deferred compensation plan (401k) that you may be able to participate in and reduce your current taxable income. And, if you are eligible, you'll probably be able to put away a larger amount than just $2,000 per year. So check this out with your employer.

Obviously, if your self employed, your options are even greater than the standard IRA. You can look into a SEP or Keogh plan in order to reduce your current taxable income.

And, finally, remember that if you ARE a participant in a qualified pension/profit sharing plan, your DEDUCTIBLE contributios to a regular IRA are limited by your adjusted gross income. So if this applies to you, make sure that you are aware of the restrictions.

TMF Taxes
Roy

Print the post Back To Top
Author: opavero Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 467 of 121150
Subject: Re: ROTH IRA Date: 10/6/1997 5:29 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Thank you for your prompt reply. I enjoy Tax Strategies and appriciate your informative answers. Thanx, Opavero

Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 472 of 121150
Subject: Re: ROTH IRA Date: 10/7/1997 11:04 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

<<Thank you for your prompt reply.>>

Thank YOU!! We may not be right all the time, but we DO try to give you the wrong answer quickly!!! :-D

Roy

Print the post Back To Top
Author: JeanDavid Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 478 of 121150
Subject: Re: ROTH IRA Date: 10/7/1997 10:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<Thank YOU!! We may not be right all the time, but we DO try to give you the wrong answer quickly!!! :-D >

Leave yourself an out: "We guarantee immediate service no matter how long it takes!"


Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 482 of 121150
Subject: Re: ROTH IRA Date: 10/8/1997 10:37 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<<Leave yourself an out: 'We guarantee immediate service no matter how long it takes!'>>

I LOVE it!!!

TMF Taxes
Roy

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev Thread | Next Thread
Advertisement