"learnfpga[at]gmail.com" <learnfpga[at]gmail.com> writes:

- quote -

No. You may put a max of $4k in the *combination* of your
Roth and Traditional IRAs.

- quote -

Nope. Total for two people - all all Roth + Traditional IRA
contributions - is $8k.

- quote -

The other websites are wrong (which are they?). Vanguard's right.

See page 60 of the IRS's Publication 590 which explains the
Roth IRA limits:

...your contribution limit for Roth IRAs generally
is the same as your limite would be if contributions
were made only to Roth IRAs, but then reduced by all
contributions for the year to all IRAs other than
Roth IRAs. Employer contributions under a SEP or
SIMPLE IRA plan do not affect this limit.

http://www.irs.gov/pub/irs-pdf/p590.pdf



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<learnfpga[at]gmail.com> wrote
- quote -

What other web sites?

Google for {IRA limits} and many sites turn up indicating
that the total of your wife's contributions to a Roth and
Traditional IRA cannot exceed $4k. The same limit applies to
you. Hence a total of $8k is permitted for both you and your
wife to all your IRAs. E.g.

http://beginnersinvest.about.com/cs/...ntribution.htm

http://en.wikipedia.org/wiki/Individ...ccount#Funding

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learnfpga[at]gmail.com wrote:

- quote -

First, I trust your wife is under 50 as well.
You may deposit only 2 x $4000 to IRAs.
Since you are above the limit to deduct a regular IRA, you should choose
the Roth. But again, the maximum is $4000 per person (for 07. In 2008
it's $5000, with an extra $1000 for those 50 or older.)

Joe
www.blog.joetaxpayer.com

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Here is my situation.....

I am 30 yrs old married and file my returns jointly. I had 401K
through my employer in 2007 but my wife did not. So my understanding
was that I can put $8K (Tax deductible traditional IRA + rothIRA) for
my wife. Also I can put $4K (rothIRA) for me. In total $12K for year
2007.


However Vangaurd says as a couple we can only put $8K. I am not
doubting Vangaurd but confounded because other websites I go to they
calculate that I can put in upto $12K.

Our combined salary is below 150K and no dependents.

Thanks for any responses.....

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