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Author: digitaldriver Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Roth IRA AGI Data from the IRS Date: 12/13/1998 2:12 PM
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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.gif

The 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.
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Author: jessholl One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7132 of 121114
Subject: Re: Roth IRA AGI Data from the IRS Date: 12/14/1998 3:00 PM
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Those are the correct income limits for the Roth IRA.
A traditional deductible IRA has much lower limits, perhaps that has caused the confusion.

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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: 7182 of 121114
Subject: Re: Roth IRA AGI Data from the IRS Date: 12/14/1998 8:44 PM
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[[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 Taxes
Roy

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