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#7
12-16-2003, 09:01 AM
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 Re: Roth IRA question Thanks for the pointer to 590 John. John H. Fisher wrote: - quote - > In article <Nu2Db.549889$Fm2.517409[at]attbi_s04> , Nospam <nospam[at]bellsouth.net> writes: > > > In article <a586d8cf.0312131516.a5bdfb[at]posting.google.com> , russ[at]russ.net > > > (Russ) writes: > > > Your total contribution to > > > both your IRA and the spousal IRA for this year is limited to the smaller > > > of > > > > $6,000, or your taxable compensation reduced by any contributions you make > > > to a > > > > traditional IRA or Roth IRA. You cannot contribute more than $3,000 to > > > either > > > > IRA for the year. If you are 50 or older in 2003, the most that can be > > > contributed to your traditional IRA for 2003 is the lesser of: > > > > > . $3,500 (up from $2,000), or > > > > > . Your compensation that you must include in income. > > > How do 401k contributions effect the Roth IRA limits? > > It depends on your filing status and modified adjusted gross income. The phase > out for married couples (and qualifying widow/ers) filing jointly begins at > $150,000 and is totally phased out at $150,000. Single or headout phaseouts > begin at $95,000 and end at $100,000, Married Filing Separately, the phaseout > begins at $0.00 and ends at $10,000. There are tables and worksheets in > Publication 590 which help in computing the allowable amounts. > "Jack" - John H. Fisher - TaxService[at]aol.com > Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ > My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html > Where Ignorance is bliss, 'tis folly to be wise!=  |
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#6
12-15-2003, 08:59 AM
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| Re: Roth IRA question In article <a586d8cf.0312141527.5b69720c[at]posting.google.com> , russ[at]russ.net (Russ) writes: - quote - > Oops. So what's going to happen to my wife's direct deposit to the
and too much has been put into one account, make corrections immediately.> Roth IRA account I opened at E-Trade? The first one is scheduled for > tomorrow. ***Ed, I'm really not sure what you are talking about. If there is an error, You may contribute up to $3,000 (EACH), in your own SEPARATE IRA's. If too much is scheduled to be going into the account, modify the direct deposit amounts. The amount you may contribute is phased out when your modified adjusted gross income reaches $150,000, and no contribution may be made once your modified adjusted income exceeds $160,000. "Jack" - quote - > "Ed J" <kej42a_s[at]attglobal.net> wrote in message
"Jack" - John H. Fisher - TaxService[at]aol.com> news:<3fdbe45b_4[at]news1.prserv.net> ... > > Each person has there OWN Roth account. Each person > > can contribute the max allowable each year into their > > account. With your example, you can put in $3000 into > > your acct and you wife can put in $3000 into her acct. > > There is no mixing of accounts. > Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!= |
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#5
12-14-2003, 11:01 PM
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| Re: Roth IRA question In article <Nu2Db.549889$Fm2.517409[at]attbi_s04> , Nospam <nospam[at]bellsouth.netwrites: - quote - > > In article <a586d8cf.0312131516.a5bdfb[at]posting.google.com> , russ[at]russ.net
It depends on your filing status and modified adjusted gross income. The phase> > (Russ) writes: > > Your total contribution to > > both your IRA and the spousal IRA for this year is limited to the smaller > of > > $6,000, or your taxable compensation reduced by any contributions you make > to a > > traditional IRA or Roth IRA. You cannot contribute more than $3,000 to > either > > IRA for the year. If you are 50 or older in 2003, the most that can be > > contributed to your traditional IRA for 2003 is the lesser of: > > > . $3,500 (up from $2,000), or > > > . Your compensation that you must include in income. > How do 401k contributions effect the Roth IRA limits? out for married couples (and qualifying widow/ers) filing jointly begins at $150,000 and is totally phased out at $150,000. Single or headout phaseouts begin at $95,000 and end at $100,000, Married Filing Separately, the phaseout begins at $0.00 and ends at $10,000. There are tables and worksheets in Publication 590 which help in computing the allowable amounts. "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!= |
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#4
12-14-2003, 11:00 PM
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| Re: Roth IRA question Oops. So what's going to happen to my wife's direct deposit to the Roth IRA account I opened at E-Trade? The first one is scheduled for tomorrow. "Ed J" <kej42a_s[at]attglobal.net> wrote in message news:<3fdbe45b_4[at]news1.prserv.net> ... - quote - > Each person has there OWN Roth account. Each person > can contribute the max allowable each year into their > account. With your example, you can put in $3000 into > your acct and you wife can put in $3000 into her acct. > There is no mixing of accounts. > -- > Ed J kej42a at attglobal dot net > Remove '_s' to reply from newsgroup > "Russ" <russ[at]russ.net> wrote in message > news:a586d8cf.0312131516.a5bdfb[at]posting.google.com... > > Is the annual limit for contributions to a Roth IRA $3000 per person > > or $3000 per married couple? Can we both contribute $3000/ea? We > > qualify for the < $150K annual income for married filing jointly. If > > we both contribute, can we both contribute to the same Roth IRA? If > > it's $3000 per person, how do they figure out which of us contributed > > what $? |
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#3
12-14-2003, 07:39 PM
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| Re: Roth IRA question John H. Fisher wrote: - quote - > In article <a586d8cf.0312131516.a5bdfb[at]posting.google.com> , russ[at]russ.net
How do 401k contributions effect the Roth IRA limits?> (Russ) writes: > Your total contribution to > both your IRA and the spousal IRA for this year is limited to the smaller of > $6,000, or your taxable compensation reduced by any contributions you make to a > traditional IRA or Roth IRA. You cannot contribute more than $3,000 to either > IRA for the year. If you are 50 or older in 2003, the most that can be > contributed to your traditional IRA for 2003 is the lesser of: > . $3,500 (up from $2,000), or > . Your compensation that you must include in income. |
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#2
12-14-2003, 11:49 AM
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| Re: Roth IRA question Each person has there OWN Roth account. Each person can contribute the max allowable each year into their account. With your example, you can put in $3000 into your acct and you wife can put in $3000 into her acct. There is no mixing of accounts. -- Ed J kej42a at attglobal dot net Remove '_s' to reply from newsgroup "Russ" <russ[at]russ.net> wrote in message news:a586d8cf.0312131516.a5bdfb[at]posting.google.com... - quote - > Is the annual limit for contributions to a Roth IRA $3000 per person > or $3000 per married couple? Can we both contribute $3000/ea? We > qualify for the < $150K annual income for married filing jointly. If > we both contribute, can we both contribute to the same Roth IRA? If > it's $3000 per person, how do they figure out which of us contributed > what $? |
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#1
12-14-2003, 11:48 AM
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| Re: Roth IRA question In article <a586d8cf.0312131516.a5bdfb[at]posting.google.com> , russ[at]russ.net (Russ) writes: - quote - > Is the annual limit for contributions to a Roth IRA $3000 per person
YES! - If both you and your spouse work and both have taxable compensation,> or $3000 per married couple? Can we both contribute $3000/ea? We > qualify for the < $150K annual income for married filing jointly. If > we both contribute, can we both contribute to the same Roth IRA? If > it's $3000 per person, how do they figure out which of us contributed > what $? each of you can contribute up to $3,000 (or the amount of each IRA owner's compensation, if less) to a separate traditional IRA. Even if one spouse has little or no compensation, up to $3,000 can be contributed to each IRA if combined compensation is at least equal to the amount contributed to both IRAs and you file a joint return. You can contribute $3,000 to a separate IRA for your nonworking spouse if you file a joint return. Your total contribution to both your IRA and the spousal IRA for this year is limited to the smaller of $6,000, or your taxable compensation reduced by any contributions you make to a traditional IRA or Roth IRA. You cannot contribute more than $3,000 to either IRA for the year. If you are 50 or older in 2003, the most that can be contributed to your traditional IRA for 2003 is the lesser of: .. $3,500 (up from $2,000), or .. Your compensation that you must include in income. For additional information, refer to Tax Topic 451, Individual Retirement Arrangements (IRAs), or Publication 590, Individual Retirement Arrangements (IRAs) These may be accessed at http://www.irs.gov .. "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!= |
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12-14-2003, 11:48 AM
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| Re: Roth IRA question "Russ" <russ[at]russ.net> wrote in message news:a586d8cf.0312131516.a5bdfb[at]posting.google.com... - quote - > Is the annual limit for contributions to a Roth IRA $3000 per person
The limit is $3000 per person for 2003 and 2004 ($4000 in 2005-2007). Your> or $3000 per married couple? Can we both contribute $3000/ea? We > qualify for the < $150K annual income for married filing jointly. If > we both contribute, can we both contribute to the same Roth IRA? If > it's $3000 per person, how do they figure out which of us contributed > what $? IRA is an Individual Retirement Account. You each have an account and the money is kept for the individual whose name is on the account. Elizabeth Richardson |
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#-1
12-13-2003, 11:11 PM
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| Roth IRA question Is the annual limit for contributions to a Roth IRA $3000 per person or $3000 per married couple? Can we both contribute $3000/ea? We qualify for the < $150K annual income for married filing jointly. If we both contribute, can we both contribute to the same Roth IRA? If it's $3000 per person, how do they figure out which of us contributed what $? |
| Tags |
| ira, question, roth |
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