Unfornutaley, I am not able to take advantage of the deductability of an IRA (Roth or otherwise). However, it appears from everything I've read that I can still invest the 2K and reap the benefits of tax free Compounding Interest. Sounds Foolish. Anyone know of a reason I can't (or wouldn't want to) do this?Mark
Mark,Yes, you should definitely put some money into an IRA. I believe a Roth would be best (if your income falls under the limit) because, from what you said, you will have to pay taxes before you contribute to the IRA anyway. I don't know of any reason not to.
Hi, just wanted to let you know that one can always contribute to an IRA (includes ROTH etc.) the question is if it's deductible to you or not....even if its notsaving 2K for your retirement is always a wise thing to do especially if you're investing it.Just think about it if you don't invest it nowyou'll probably spend it...
Re: ntesta's post--"...one can always contribute to an IRA (includes ROTH etc.) the question is if it's deductible to you or not..."Unfortunately, this is not so. Roth contributions are never deductible, and there are income limits for making Roth contributions.A non-deductible IRA contribution is available to anyone with earned income. Just remember to file the appropriate tax form (I forget the number) to document the amount of your contributions. This will be necessary in order to establish the amount of your withdrawals which should escape taxation at that point.Regards--dharmadollars
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