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#3
04-18-2007, 03:27 PM
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 Re: What happens to Roth IRAs after $99K income level? joetaxpayer wrote: - quote - > OP asked about contributing.
Amazing how I can completely misread both the OP's post and your reply.> In 2006 for single, $95K - Full contribution, $110K - No contribution > In 2007 for single, $99K - Full contribution, $114K - No contribution Sorry about that. -Will |
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#2
04-17-2007, 04:20 PM
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| Re: What happens to Roth IRAs after $99K income level? Will Trice wrote: - quote - > > SSim wrote:
OP asked about contributing.> > > > Single taxpayers with a modified adjusted gross income above $99,000 > > > can't continue to contribute from what I have read. > > > Can another IRA type be started in parallel with the Roth IRA that no > > > longer accepts contributions? > Note that the $100,000 limit is for conversions and not contributions. > You can continue to contribute to a Roth IRA up to $160,000 if married, > filing jointly ($110,000 if single), although the maximum amount > declines if you are over $150,000 ($95,000 if single). In 2006 for single, $95K - Full contribution, $110K - No contribution In 2007 for single, $99K - Full contribution, $114K - No contribution The range is scaled, so in 06, for example, at $102.5K, one can contribute half what they otherwise could. $4K for under 50, $5K if 50 or over during the year for the deposit. JOE |
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#1
04-17-2007, 02:14 PM
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| Re: What happens to Roth IRAs after $99K income level? joetaxpayer wrote: - quote - > SSim wrote:
Note that the $100,000 limit is for conversions and not contributions.> > Single taxpayers with a modified adjusted gross income above $99,000 > > can't continue to contribute from what I have read. > > > Can another IRA type be started in parallel with the Roth IRA that no > > longer accepts contributions? > > You can still start a non-deductable regular IRA, and convert in a > future year when your income is below the conversion threshold. You can continue to contribute to a Roth IRA up to $160,000 if married, filing jointly ($110,000 if single), although the maximum amount declines if you are over $150,000 ($95,000 if single). You can also contribute to a deductible traditional IRA instead of a Roth subject to income, marital status, and employer-sponsored retirement plan limitations. See IRS Pub. 590. -Will |
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04-17-2007, 01:20 PM
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| Re: What happens to Roth IRAs after $99K income level? SSim wrote: - quote - > Single taxpayers with a modified adjusted gross income above $99,000
The investments already there grow as usual, no impact.> can't continue to contribute from what I have read. What happens to > the investments put into the Roth IRA after that point? Do they sit > there and continue to grow until withdrawn at age 59 & 1/2? > Can another IRA type be started in parallel with the Roth IRA that no > longer accepts contributions? > Does that $99K cap come from all sources of income, including dividend > payouts, or only from wages? You can still start a non-deductable regular IRA, and convert in a future year when your income is below the conversion threshold. The cap is based on MAGI (modified adjusted gross income). See http://www.fairmark.com/rothira/phaseout.htm for more details, complete explanation. JOE |
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#-1
04-17-2007, 09:14 AM
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| What happens to Roth IRAs after $99K income level? Single taxpayers with a modified adjusted gross income above $99,000 can't continue to contribute from what I have read. What happens to the investments put into the Roth IRA after that point? Do they sit there and continue to grow until withdrawn at age 59 & 1/2? Can another IRA type be started in parallel with the Roth IRA that no longer accepts contributions? Does that $99K cap come from all sources of income, including dividend payouts, or only from wages? |
| Tags |
| $99k, income, iras, level, roth |
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