"NowItsWhatever" <nospam[at]nospam.com> writes:

- quote -

That doesn't make any sense. Since you are in identical
situations (both are sole props., both are covered by a
qualified plan (your SEP-IRAs)), it makes no sense that TT
said one of you could contribute to a Trad IRA and the other
to a Roth. The income limit for being able to contribute to
a Roth is based on *joint* income and applies to *both* of
you. So either both of you can contribute to a Roth or
neither of you can.

Am I correct in assuming you're both over age 50? Because
if not, your max contribs were $4000, not $4500.

--
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. > << ================================================== ===== >

Got married in 2005. My wife and I are each sole
proprietors. We each contribute to separate SEP IRAs. We
filed jointly in 2005. I did our taxes with TurboTax, which
calculated that I could contribute 4,500 to a Roth IRA and
my wife could contribute 4,500 to a Traditional IRA.

My wife received a 5498 showing that she told the custodian
to contribute the $4,500 to a ROTH IRA (she was supposed to
contribute to a traditional IRA). What should I do to
straighten this out?

Thanks in advance...

<< ================================================== ===== > << 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. > << ================================================== ===== >