No. of Recommendations: 0
Can I put 2000 in a Roth in my name and 2000 in a Roth in my wifes name? Also can I invest in a Roth for each of us for 1998 as long as I do it before 15 Apr 99?
Print the post Back To Top
No. of Recommendations: 0
Absolutely.
Print the post Back To Top
No. of Recommendations: 0
Can I put 2000 in a Roth in my name and 2000 in a Roth in my wifes name? Also can I invest in a
Roth for each of us for 1998 as long as I do it before 15 Apr 99?


Oops. Missed out the context.

Absolutely.
Print the post Back To Top
No. of Recommendations: 0
Greetings, Cjsarge,a nd welcome. You asked:

<<Can I put 2000 in a Roth in my name and 2000 in a Roth in my wifes name? Also can I invest in a Roth for each of us for 1998 as long as I do it before 15 Apr 99?>>

The answer is "Yes, you can" to both questions.

Regards….Pixy
Print the post Back To Top
No. of Recommendations: 0
TMFPixy, I will give you the same warning that you gave someone else the other day. Be careful giving absolute answers. The answer is yes if their income is less than the AGI limits.

Of course, I fell asleep in class and forgot those limits. I think the contribution is reduced when your joint AGI is $150,000 and eliminated when your AGI is $160,000.

..IF
Print the post Back To Top
No. of Recommendations: 0
Can I put 2000 in a Roth in my name and 2000 in a Roth in my wifes name? Also can I invest in a Roth for each of us for 1998 as long as I do it before 15 Apr 99?

If each of you has at least $2000 of earned income & your AGI is under $150,000 you're all set. PP
Print the post Back To Top
No. of Recommendations: 0
IndecisiveFool writes:

<<TMFPixy, I will give you the same warning that you gave someone else the other day. Be careful giving absolute answers. The answer is yes if their income is less than the AGI limits.

Of course, I fell asleep in class and forgot those limits. I think the contribution is reduced when your joint AGI is $150,000 and eliminated when your AGI is $160,000.>>


LOL….. Touche. I should have said, "The answer is yes to both questions provided you meet the AGI limits for a contribution to a Roth IRA."

See…. You are paying attention. :-) Good catch.

Regards…..Pixy
Print the post Back To Top
No. of Recommendations: 0
Dear PP

One of the 97 changes in IRA rules allows a working spouse earning at least $4,000.00, to contribute $2,000.00 to an IRA for each of them. It expands the convenience of the Roth.

Beginning in 1998, the second spouse does not have to have earned income to get the Roth if the Wage earner has enough.
Print the post Back To Top
No. of Recommendations: 0
And, also, since the Roth contribution is nondeductible, there's no conflict if either spouse participates in a qualified plan at work?
Print the post Back To Top
No. of Recommendations: 0
TheOthermfa asks:

<<And, also, since the Roth contribution is nondeductible, there's no conflict if either spouse participates in a qualified plan at work?>>

That's correct, there is no conflict. Participation in a qualified plan at work affects only the potential deductibility of a contribution to a traditional IRA, and then only for the participating spouse.

Regards....Pixy
Print the post Back To Top
Advertisement