Roy,We have our IRAs (the traditional variety) with Vanguard. I was quite surprised to read these words recently on the Vanguard web site: You may also make a partially deductible contribution to your traditional IRA depending upon your MAGI [Modified Adjusted Gross Income]....If you are married filing separately, the phase-out range is $0 - $10,000. And again:When you are filing your income taxes Married Filing Separately there is a significant change in the maximum income limits for Roth IRAs and in the deductibility limits for Traditional IRAs.For Traditional IRAs the phase out range for deductible contributions [is] $0 - $10,000 if participating or not participating in a retirement plan through your work.This seems to say that whether participating in a 401(k) or not (I do), the phaseout range for deductibility ends at $10,000 per year of Modified Gross Income. Am I reading this correctly? Who (other than a college student with a part-time job) earns less than $10,000 per year? And how could he (or she) afford to contribute to an IRA at that income level, anyway? It gets even stranger:For Roth IRAs the income limits for making a contribution phases out between $0 - $10,000. Surely I am misreading this. Can you provide me with any further information, please? Gratefully,Phillip
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