Hello you Fools;I read Roy and Dave's message on the Roth Ira and had this to offer. I have been spending some time rummaging around on the IRS's web page. No I'm not that boring as to enjoy it but Tis' the Season.Anyway, I found a chart that differs greatly from what my CPA, my broker and the Fool has told me. The AGI limit looks quite a bit higher. I tried to attach the hyperlink but that feature isn't available?Here's the address; http://www.irs.ustreas.gov/prod/forms_pubs/graphics/15101g07.gifThe chart is part of publication 553 on changes for 1998. For the whole document just use the front end of the above address (up to the .gov)and search for 553.Hope this is for real. Please advise.Regards, the digitaldriver.
Those are the correct income limits for the Roth IRA.A traditional deductible IRA has much lower limits, perhaps that has caused the confusion.
[[Anyway, I found a chart that differs greatly from what my CPA, my broker and the Fool has told me. The AGI limit looks quite a bit higher. I tried to attach the hyperlink but that feature isn't available?]]That is because the chart that you make reference to is for CONTRIBUTIONS to a Roth IRA...not for CONVERSIONS from a regular IRA account to a Roth IRA account (which IS $100,000 for all taxpayers...except married/separate...which for all intents and purposes can't make a conversion).My series of posts on this issues makes that point very, very clearly. Much more clearly than the IRS web site (at least in my opinion).And...that's the way it is...TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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