Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Can anyone point me to an IRS link that spells out the limits?

IRS Publication 590. At your income level if you are covered by a retirement plan set up for your business (SEP, SIMPLE, 401(k), Keough) the only type of IRA contribution available to you is a nondeductible traditional IRA.

Can anyone comment on the Susie Orman suggestion of opening a traditional IRA and then converting to a Roth IRA?

We talked a lot about it here early in 2010 when the rules changed and this strategy became available for some people with high incomes. Missing from your narrative is one key piece of information. What existing traditional IRA accounts, including SEPs, SIMPLEs and rollovers from employer plans, do you have?

And do we have until the end of Monday (April 17th) to do all that? Thanks for any info.

Actually, Monday is the 18th, and yes.

Do get back to us about what retirement plan you have set up for the business and your "inventory" of traditional IRAs. Not that it's necessary for information here, but why in the world haven't you discussed this with your CPA?

Rule Your Retirement Home Fool
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.
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.
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.