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Is the $95,000 limit on income to be eligible for the Roth only deal with regular income or AMT (Alternate Minimum Tax) income as well?

We don't know if my girlfriend should start a Roth IRA now, if over the next few years she will be ineligible to contribute to it because of her stock options.

She exercised her options on Feb 1st, 2000 when they were high enough to create a huge AMT liability and AMT income come tax time 2001. However, she hasn't sold any shares, and her regular income is well below the $95,000 limit.

Our financial advisors weren't sure of the answer...

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