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Message
re: Roth IRA Contributions
Posted on 11/13/13 at 9:51 am to Oenophile Brah
Posted on 11/13/13 at 9:51 am to Oenophile Brah
I'm pretty sure Roth uses AGI. For someone who is single like the OP the max is $114,000 before phasing out and ending at $129,000.
2
Posted on 11/13/13 at 9:58 am to TheDiesel
quote:
For someone who is single like the OP the max is $114,000
Correct, sorry I was listing for joint filing.
Are you sure about AGI?
This is what I found. LINK
I believe they add back some of your deductions in calculating your income for roth limitations.
Posted on 11/13/13 at 8:27 pm to TheDiesel
Yeah that's correct. Filing single had me maxed out at 127k.
So reading a little more... it seems to me that I can max out 401k ($15,500 or whatever it is), contribute $5,500 to traditional IRA (not deductible) and the convert the traditional to Roth. Does this sound right?
So reading a little more... it seems to me that I can max out 401k ($15,500 or whatever it is), contribute $5,500 to traditional IRA (not deductible) and the convert the traditional to Roth. Does this sound right?
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