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Roth IRA Income Limitations
Posted on 2/28/10 at 10:50 pm
Posted on 2/28/10 at 10:50 pm
Is is true that you cannot start a Roth IRA if you make over a certain amount annually?
If so, what is that amount?
What happens to an existing Roth IRA that you had opened before you made over the threshold?
What other options are there? I already have a Roth 401(k) and regular 401(k) maxed out, and I think I make too much to open an independent Roth IRA (both of my 401(k)s are through my employer, so the investment options are limited).
If so, what is that amount?
What happens to an existing Roth IRA that you had opened before you made over the threshold?
What other options are there? I already have a Roth 401(k) and regular 401(k) maxed out, and I think I make too much to open an independent Roth IRA (both of my 401(k)s are through my employer, so the investment options are limited).
4
Posted on 2/28/10 at 10:55 pm to Luke4LSU
yes
google is your friend but somewhere around 160k for a married couple
Any existing roth is fine, but if you contributed in a year and go over the limit that year you must withdraw the contribution and take a penalty on any earnigs for that portion
Contribute to a non-deductable IRA then convert to a Roth
google is your friend but somewhere around 160k for a married couple
Any existing roth is fine, but if you contributed in a year and go over the limit that year you must withdraw the contribution and take a penalty on any earnigs for that portion
Contribute to a non-deductable IRA then convert to a Roth
Posted on 2/28/10 at 11:05 pm to Luke4LSU
i think 168k? That's either that Roth limit or how much US Senators make. I remember weird numbers and it's for one of those two.
Posted on 2/28/10 at 11:10 pm to LSUtoOmaha
quote:
i think 168k? That's either that Roth limit or how much US Senators make.
It's the roth limit for couples filing jointly.
Posted on 2/28/10 at 11:11 pm to Luke4LSU
word
Posted on 3/1/10 at 4:53 am to LSUtoOmaha
Here's the rule of thumb:
If you post on the OT, you cannot contribute to a Roth IRA.
If you post on the OT, you cannot contribute to a Roth IRA.
Posted on 3/1/10 at 6:14 am to Luke4LSU
Posted on 3/1/10 at 3:02 pm to Luke4LSU
Correct. There is a limit. Once your income exceeds that limit, the Roth is still there, you jsut can't contribute anymore. The limit still aplies if you contribute to a traditional, you can't convert to a Roth. There are other options out there for you to consider, depending on what you are trying to accomplish.
Posted on 3/1/10 at 3:04 pm to kjheath1
quote:
The limit still aplies if you contribute to a traditional, you can't convert to a Roth.
Starting in 2010 there is the non-deductable back door.
Posted on 3/1/10 at 3:16 pm to DrEdgeLSU
quote:
Here's the rule of thumb:
If you post on the OT, you cannot contribute to a Roth IRA.
But can I deduct my Porche and the plastic titties I had installed into my girlfriend so I had something to hold onto when I PIIHB?
Posted on 3/1/10 at 3:24 pm to Cash
quote:Is that anything like PIIHB???
the non-deductable back door.
Posted on 3/1/10 at 3:48 pm to LSURussian
very similar
Posted on 4/15/10 at 10:44 am to Cash
background: maxing out 401k, 28, married. looking to expand my portfolio and dabble in some different stocks, funds, etc.
i would like to begin a Roth IRA, but have been told I'm over the income limitations. I understand that for 2010 there is a "workaround" by funding a traditional IRA and immediately rolling that over to a Roth IRA.
I would like to do this through my Scott account because I can then link my brokerage and Roth accounts, and the fees are reasonable.
Am I on the right track? Any recommendations on how to go about this process?
i would like to begin a Roth IRA, but have been told I'm over the income limitations. I understand that for 2010 there is a "workaround" by funding a traditional IRA and immediately rolling that over to a Roth IRA.
I would like to do this through my Scott account because I can then link my brokerage and Roth accounts, and the fees are reasonable.
Am I on the right track? Any recommendations on how to go about this process?
Posted on 4/15/10 at 2:00 pm to ISDSTiger
quote:
i would like to begin a Roth IRA, but have been told I'm over the income limitations. I understand that for 2010 there is a "workaround" by funding a traditional IRA and immediately rolling that over to a Roth IRA.
We are considering rolling over our IRAs (non Roth) and 401K into Roths this year. We don't normally get to benefit from Roths, but for some reason this year is different.
Downside is that when we do it, we are going to have to come up with an assload of taxes on it now, but it will be worth it in the end when it won't be taxed coming out.
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