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#3
10-11-2004, 04:59 AM
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 Re: Roth IRA - AGI > 160K in future M Segi wrote: - quote - > I had a question about Roth IRA.
They can contribute for any year that their AGI is under the> Please consider the following hypothetical scenario: > Couple has a AGI of > 160K for year 2004. > Then next year (2005) they have AGI of 140K. > In 2006, they have AGI > 160K.. > Can the couple contribute $6000 to a Roth IRA for 2005? Will > there be any penalty as their income jumped backed to above > 160K 2006 tax year? If they can contribute $6000 in 2005 (i > mean upto Apr 15 2006), then would be in 2 separate accounts > or in 1 account??? Thanks for this helpful forum... Segi limit. For years where their AGI is over the limit for a Roth-IRA, they can contribute to a traditional IRA (optionally not deducting the contribution), then when their AGI falls below that separate limit, convert that account. A Roth IRA and a traditional IRA (and 529 plans and MSAs) are all SEPARATE accounts. They cannot be combined. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
10-08-2004, 04:01 PM
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| Re: Roth IRA - AGI > 160K in future "M Segi" <mohit.sehgal[at]gmail.com> wrote: - quote - > I had a question about Roth IRA.
You contribute money to an IRA for the year you qualify.> Please consider the following hypothetical scenario: > Couple has a AGI of > 160K for year 2004. > Then next year (2005) they have AGI of 140K. > In 2006, they have AGI > 160K.. > Can the couple contribute $6000 to a Roth IRA for 2005? Will > there be any penalty as their income jumped backed to above > 160K 2006 tax year? If they can contribute $6000 in 2005 (i > mean upto Apr 15 2006), then would be in 2 separate accounts > or in 1 account??? Thanks for this helpful forum... Segi FYI, the I in IRA stands for individual. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-08-2004, 03:23 PM
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| Re: Roth IRA - AGI > 160K in future mohit.sehgal[at]gmail.com (M Segi) writes: - quote - > Couple has a AGI of > 160K for year 2004.
Like all other IRAs, there are no joint Roths. Each spouse> Then next year (2005) they have AGI of 140K. > In 2006, they have AGI > 160K.. > Can the couple contribute $6000 to a Roth IRA for 2005? can contribute $3,000 to a Roth IRA for 2005. - quote - > Will there be any penalty as their income jumped backed to above
No. Each year's eligibility stands alone.> 160K 2006 tax year? - quote - > If they can contribute $6000 in 2005 (i
Already answered.> mean upto Apr 15 2006), then would be in 2 separate accounts > or in 1 account?? Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-08-2004, 03:23 PM
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| Re: Roth IRA - AGI > 160K in future - quote - > I had a question about Roth IRA.
The $160K limit is on a year-by-year basis. so, $6K in 2005,> Please consider the following hypothetical scenario: > Couple has a AGI of > 160K for year 2004. > Then next year (2005) they have AGI of 140K. > In 2006, they have AGI > 160K.. > Can the couple contribute $6000 to a Roth IRA for 2005? Will > there be any penalty as their income jumped backed to above > 160K 2006 tax year? If they can contribute $6000 in 2005 (i > mean upto Apr 15 2006), then would be in 2 separate accounts > or in 1 account??? none in 2004 or 2006 in the scenariou presented. and if either one is over age 50, they can put in the additional amount for age. Each person needs to have his or her own Roth IRA. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-04-2004, 03:36 PM
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| Roth IRA - AGI > 160K in future I had a question about Roth IRA. Please consider the following hypothetical scenario: Couple has a AGI of > 160K for year 2004. Then next year (2005) they have AGI of 140K. In 2006, they have AGI > 160K.. Can the couple contribute $6000 to a Roth IRA for 2005? Will there be any penalty as their income jumped backed to above 160K 2006 tax year? If they can contribute $6000 in 2005 (i mean upto Apr 15 2006), then would be in 2 separate accounts or in 1 account??? Thanks for this helpful forum... Segi << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| >, 160k, agi, future, ira, roth |
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