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#6
01-18-2006, 04:46 AM
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 Re: Stupid Roth IRA question i.pilcher[at]comcast.net says... - quote - > My wife and I will file jointly for 2005, and our combined
This should help:> AGI is below $150,000. The stupid question is ... how much > can we contribute to Roth IRA(s) -- $4,000 or $8,000? > (Everything I read says something like if *your* income is > less than $150,000, then *you* can contribute $4,000. But > what if you is us?) IRA = INDIVIDUAL retirement account. Gary -- E-mail to the above address is rarely read. If you want to contact me directly, please send an e-mail to: gary at gdgoodman dot com. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#5
01-12-2006, 03:49 PM
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| Re: Stupid Roth IRA question Ian Pilcher wrote: - quote - > My wife and I will file jointly for 2005, and our combined
If you are both under 50 in 2005, $4,000 each. If either was> AGI is below $150,000. The stupid question is ... how much > can we contribute to Roth IRA(s) -- $4,000 or $8,000? > (Everything I read says something like if *your* income is > less than $150,000, then *you* can contribute $4,000. But > what if you is us?) 50 or older in 2005 the 'catchup' provision allowed an extra $500 for the person(s) 50 or older. For those whose AGI is over the $150K, the ammount allowed is scaled as AGI ranges from $150K (4K/person) to $160K (0K/person). JOE << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
01-12-2006, 03:48 PM
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| Re: Stupid Roth IRA question $8000 -- $4000 for you, $4000 for her. "your" in this case implies "both" << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
01-12-2006, 03:10 PM
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| Re: Stupid Roth IRA question i.pilcher[at]comcast.net (Ian=A0Pilcher) posted: - quote - > My wife and I will file jointly for 2005, and our
$4,000 to an IRA for you, and $4,000 to a spousal IRA for> combined AGI is below $150,000. The stupid > question is ... how much can we contribute to > Roth IRA(s) -- $4,000 or $8,000? your wife. (And those figures are $4,500 if you and/or your wife is/are over age 50.) - quote - > (Everything I read says something like if
Not an unreasonable question.> *your* income is less than $150,000, then > *you* can contribute $4,000. But what if you is > us?) Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
01-12-2006, 03:10 PM
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| Re: Stupid Roth IRA question Ian Pilcher wrote: - quote - > My wife and I will file jointly for 2005, and our combined
Since you are filing jointly, "you" equals "us" (even if one> AGI is below $150,000. The stupid question is ... how much > can we contribute to Roth IRA(s) -- $4,000 or $8,000? > (Everything I read says something like if *your* income is > less than $150,000, then *you* can contribute $4,000. But > what if you is us?) of you did not have taxable compensation). You are allowed to contribute up to $4,000 EACH to your (or your spouse's) individual account. That is a MAXIMUM of $8,000, but no more than $4,000 each. - quote - > ================================================== ====================== > Ian Pilcher i.pilcher[at]comcast.net > ================================================== ====================== << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-12-2006, 03:10 PM
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| Re: Stupid Roth IRA question Ian Pilcher <i.pilcher[at]comcast.net> writes: - quote - > My wife and I will file jointly for 2005, and our combined
Assuming your combined earned income is over $8000, you> AGI is below $150,000. The stupid question is ... how much > can we contribute to Roth IRA(s) -- $4,000 or $8,000? can contribute $4000 each (maybe more, if you are over 50). -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-12-2006, 03:10 PM
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| Re: Stupid Roth IRA question "Ian Pilcher" <i.pilcher[at]comcast.net> wrote: - quote - > My wife and I will file jointly for 2005, and our combined
"Us" is two "you"s. As long as you have $8,000 in taxable> AGI is below $150,000. The stupid question is ... how much > can we contribute to Roth IRA(s) -- $4,000 or $8,000? > (Everything I read says something like if *your* income is > less than $150,000, then *you* can contribute $4,000. But > what if you is us?) compensation between you, you can each contribute $4,000. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-11-2006, 10:48 AM
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| Stupid Roth IRA question My wife and I will file jointly for 2005, and our combined AGI is below $150,000. The stupid question is ... how much can we contribute to Roth IRA(s) -- $4,000 or $8,000? (Everything I read says something like if *your* income is less than $150,000, then *you* can contribute $4,000. But what if you is us?) TIA -- ================================================== ====================== Ian Pilcher i.pilcher[at]comcast.net ================================================== ====================== << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| ira, question, roth, stupid |
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