Message Font: Serif | Sans-Serif
No. of Recommendations: 1
So I haven't been eligible for a Roth in some years. But incomewise - I think I can contribute to a 2007 IRA now.

However - I had a company 401k benefit in 2007.

Does this mean that I am not eligible to contribute to a Roth IRA for '07?

What about a traditional IRA?

Whether or not you were covered by a retirement plan has no effect on Roth eligibility. See Chapter 2 of IRS Publication 590 for the Roth requirements.

Anyone with earned income (or a spouse with earned income and filing a joint return) can contribute to a traditional IRA until the year in which he turns 70 1/2. Whether or not such a contribution is deductible depends on whether you or your spouse are covered by a retirement plan and, if one of you is, your income. See Chapter 1 of Pub 590.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.