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Author: wcfenton Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75878  
Subject: Re: IRA Eligibility- need clarification please. Date: 12/4/2004 2:25 PM
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Thomas...

Ok Ladies and Gentlemen I need a little clarification on the eligibility of both Roth and Traditional IRA's. I have read what's on the site but am still a little perplexed. Currently I am single but will be getting married next year. My current understanding says that I can fully participate up to an AGI of 95000 before the amount starts to decline. I will get close to that mark this year so if i venture into that realm how do I go about finguring out that amount and removing it before I get penalized? Now the real perplexing part of this is from what I see once married, jointly it appears an income level of 150k is good for one roth account but not two. But where i am confused is what the amount is if you file married separately? It appears to be only 10k, is that right? And once married do you have to adjust your contribution back to January 1 of that year? I would assume so as that you are considererd married for that entire tax year. Once last one, traditional appears to have no income limit unless you want to claim some of it as deductable. If you do not want to claim any as deductable can you still contribute to a tradition IRA if you no longer qualify for a ROTH?
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IRS Publication 590 "Individual Retirement Arrangements (IRAs)" :

http://www.irs.gov/pub/irs-pdf/p590.pdf

You will need to have "Adobe Reader" Software in order to read the IRS File on IRAs. If you don't have it, you can download it for free at the Adobe Reader Site:

http://www.adobe.com/products/acrobat/readstep2.html

Regards,
Bill


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