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Author: cjsarge Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Roth IRA Date: 1/6/1999 6:34 AM
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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?
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Author: naaree One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7698 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 8:13 AM
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Absolutely.

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Author: naaree One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7699 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 8:14 AM
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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.

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7706 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 9:04 AM
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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


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Author: IndecisiveFool Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7709 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 11:31 AM
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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

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Author: peppermintpatty Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7712 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 2:29 PM
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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

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7715 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 2:59 PM
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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


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Author: trudyKAS One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7718 of 75340
Subject: Re: Roth IRA Date: 1/6/1999 6:32 PM
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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.

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Author: TheOthermfa One star, 50 posts Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7793 of 75340
Subject: Re: Roth IRA Date: 1/11/1999 4:37 PM
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And, also, since the Roth contribution is nondeductible, there's no conflict if either spouse participates in a qualified plan at work?

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7796 of 75340
Subject: Re: Roth IRA Date: 1/11/1999 4:58 PM
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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

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