linq936[at]hotmail.com writes:

- quote -

If you put $4000 into a Roth IRA, not only can you not deduct any
IRA contribution, but you cannot *make* any other IRA contribution.
As you said, $4000 is the total IRA contributions you are permitted
to make - Roth and Traditional (deductible or not) combined.

- quote -

If you put $4000 into her Roth, you cannot put *anything* more into
her IRA. Deductions aren't even a question on the table.

- quote -

The only thing which makes a particular contribution *spousal* (not
the account itself!) is the fact that one may only contribute to
an IRA up to the amount one has earned. A spouse who has no earnings,
however, is permitted to make a contribution - that's what that's
about. It has no impact whatsoever on the account contribution
limits, deductibility, etc.


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On Wed, 6 Dec 2006 04:02:29 -0600, linq936[at]hotmail.com wrote:


- quote -

See the misc.invest.financial-plan FAQ at
http://financial-planning.algebra.com/

Once there, click on "General Financial Planning" and look for IRA.


-HW "Skip" Weldon
Columbia, SC

Hi,
I am wondering whether my wife and I are eligible for regular and
Roth IRA.

I enroll my employer's 401K plan, I put $4000 into Roth IRA, I also
put $4000 into my wife Roth IRA. My wife is homemaker, we file tax
return as filed jointly.

My friend told me in my case, if I open IRA account, I can not deduct
that from income because for a given year, $4000 is a total of ROTH and
regular IRA.

Is this right?

How about my wife? We put $4000 into her ROTH, then she can not
deduct anything from regular IRA?

I was told a retirement account called spousal IRA, it is for the
homemakers. Is it same restriction of regular IRA, meaning we can not
deduct any?

Thanks a lot!