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Adjusted Gross Income Roth Ira

Posted by admin on July 29, 2010 · Leave a Comment 

Question: Which of the following reduce an individuals adjusted gross income, Traditional IRA or Roth IRA, both or none?

I know or at least am certain the Traditional IRA correct but I am not sure if the Roth would be.
Thank you to everyone.

Answer: only the traditional

Deficit Moves: Work Longer, Fund A Roth And Avoid Long-Term Bonds

Washington is dithering over the deficit, but you can’t afford to. Work longer, fund a Roth and steer clear of long-term bonds.

Contribution Limits for ROTH 401K/IRA or Traditional 401K/IRA


Filed under Gross Income · Tagged with account, adjusted gross income roth ira, income, ira, modified adjusted gross income roth ira, modified adjusted gross income roth ira 2010, money, taxes

Adjusted Gross Income Ira

Posted by admin on January 19, 2010 · Leave a Comment 

Question: If my adjusted gross income is less than $85,000 may I fund my 401(k) and my IRA to the max allowable?

401(k)-$15,500, plus $5,000 makeup for 2008, plus $6,000 contribution to IRA for 2008, which is $5,000 contribution, plus $1,000 makeup, for a total contribution of $26,500, plus an additional $6,000 for my non-working spouse into his IRA account




Answer: Yes, you can fund your 401(k) to the max. You may also fund your IRA to the max but it will not be deductible at your income level – but it is still allowable. But since it would not be deductible, it would probably be smarter to fund a Roth IRA which is allowed at your income level. And yes, you can max out both an IRA and a 401(k).

More help on converting regular IRAs to Roths

Readers had some good questions in response to my Sunday column on converting a regular individual retirement account into a Roth IRA. To recap: Starting this year, anyone can convert all or some of their regular IRAs into a Roth regardless of their income… Roth IRA – Individual Retirement Account – Retirement – Personal Finance – Tax

Filed under Gross Income · Tagged with account, income, ira, money, taxes

Adjusted Gross Income Roth

Posted by admin on May 25, 2008 · Leave a Comment 

Question: I am over the limit to contribute to a Roth IRA. How do I fix it?

I just realized that my modified adjusted gross income in both 2005 and 2006 was too high for me to contribute to a Roth IRA. Is there anyway to fix it? What do I owe the IRS?




Answer: Can still pull out 2006 if do it by 4/17 so tight. Penalty is owed if don’t. Can move to regular IRA though can’t deduct if have pension plan.

Turn your nest egg into a Roth?

For people thinking about converting their traditional IRAs, there are both pluses and minuses to consider

Filed under Gross Income · Tagged with account, adjusted gross income roth ira, income, ira, modified adjusted gross income roth ira, money, taxes

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