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Author: Ann24 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Roth Ira and filing status Date: 9/7/2000 8:31 AM
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Tax filing status is married, filing seperately and my taxable income is around 40,000. Am I eligible for Roth Ira? I know there is much info about eligibility and income and phase-out, but I can not make sense of it. I am vested in employer's pension and also take advantage of 457 deferrals through employer.
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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24640 of 75383
Subject: Re: Roth Ira and filing status Date: 9/7/2000 12:30 PM
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Tax filing status is married, filing seperately and my taxable income is around 40,000. Am I eligible for Roth Ira?

No. With this filing status Roth contribution eligibility is completely phased out at $10,000 AGI, and you cannot convert traditional to Roth at any income level.

Details are in IRS Publication 590.

TMF ExRO
Phil Marti

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Author: BGPenhollo Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24646 of 75383
Subject: Re: Roth Ira and filing status Date: 9/7/2000 1:46 PM
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Question asked..
"Tax filing status is married, filing seperately and my taxable income is around 40,000. Am I eligible for Roth Ira?"

Phil posted...
"No. With this filing status Roth contribution eligibility is completely phased out at $10,000 AGI, and you cannot convert traditional to Roth at any income level."


Oooouchh!. I thought married and filling jointly was bad.

In doing away with the marriage penalty will this be changed?

BGP




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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24649 of 75383
Subject: Re: Roth Ira and filing status Date: 9/7/2000 1:56 PM
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In doing away with the marriage penalty will this be changed?

Nope. It might make enough difference that it would be to your advantage to file jointly, but there's nothing in those provisions that would directly address the Roth phaseouts. They're there to prevent manipulation of the income limits on Roths.

Not that you asked, but except for Ohio residents it's rare that separate returns are to the taxpayers' advantage. Are you sure you're figuring everything right?

TMF ExRO
Phil Marti

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