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I retired this year from the Fed Gov't and rolled my Thrift Savings into a traditional IRA. My wife and I both have jobs and both have 401K deductions taken out. Can we start a Roth IRA for each of us prior to
April 15, 2001? I can't figure out if we can and what the limitations would be. Thanks.
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"Can we start a Roth IRA for each of us prior to
April 15, 2001?"
Yes if your income is below $150000 annually between you, and at least $2000 each. The rollover and the 401k don't matter.
You can contribute $2000 for 2000 to each of your separate Roths. If you have earned income in 2001, you can also make your 2001 contribution now.
The fact that the Roth contributions are not deductible won't bother you--you couldn't deduct IRA contributions anyway unless you are very poorly paid.
Best wishes, Chris
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You can each fund a Roth IRA up to the lessor of $2000 or your taxable compensation. For married filing jointly the maximum contribution is phased out for modified AGI over $150,000. If MAGI is over $160,000 no contribution is allowed. See IRS Publication 590 for all the ifs, ands and buts.
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