February 13, 2009
If I have a retirement plan at work , can I stil contribute to a roth ira -?
Cindy W asked:
I file married filing jointly - what is the income cut off for donating to a roth? Husband is self- employed and no retirement plan - he puts his in a traditional ira - what is his cut off
Marlon
I file married filing jointly - what is the income cut off for donating to a roth? Husband is self- employed and no retirement plan - he puts his in a traditional ira - what is his cut off
Marlon
Comments on If I have a retirement plan at work , can I stil contribute to a roth ira -?
Georgia
You can still contribute $4000 to a Roth IRA ($5000 if over age 50) if your modified AGI is under $156,000.
Your husband can also contribute $4000 to a traditional IRA ($5000 if over age 50) and take a full deduction if your modified AGI is under $156,000.
Phaseout provisions apply over this amount. (See worksheet 17-2 in IRS Publication 17 to compute your “Modified AGI”.)
Luca
Yes, you can. You can contribute up to 4k a year, but there is income limits.