Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
My 2005 gross income: $96,500; How much can I save in my Roth IRA?
Old 01-02-2006, 12:14 PM   #1
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
My 2005 gross income: $96,500; How much can I save in my Roth IRA?

I know that the contribution limits for Roth IRAs start phasing down after you hit $95,000 in gross annual income, but I haven't been able to determine how much.

Does anyone know?

Thanks in advance!
__________________

__________________
SLC Tortfeasor is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: My 2005 gross income: $96,500; How much can I save in my Roth IRA?
Old 01-02-2006, 12:19 PM   #2
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Re: My 2005 gross income: $96,500; How much can I save in my Roth IRA?

Check out IRS Pub 590

www.irs.gov/pub
__________________

__________________
MasterBlaster is offline   Reply With Quote
Re: My 2005 gross income: $96,500; How much can I save in my Roth IRA?
Old 01-02-2006, 12:29 PM   #3
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: My 2005 gross income: $96,500; How much can I save in my Roth IRA?

http://www.irs.gov/pub/irs-pdf/p590.pdf

For a Roth, your earned income (with some deductions you might have taken, such as for student loan interest, added back in), must be less than:

* $160,000 if you're married filing jointly,
* $110,000 if you file as single, head of household, or married filing separately and did not live with your spouse during the year, or
* $10,000 if you lived with your spouse at any time during the tax year but decide to file separately.

And even if you're not quite at the top of these pay ranges, your Roth contribution could be limited if your modified adjusted gross income falls within these limits:

* $150,000 to $160,000 for married couples filing jointly,
* $95,000 to $110,000 for single or head-of-household taxpayers or married couples filing separately and who did not live with their spouse,
* Zero to $10,000 for married couples filing separately who lived together at any time during the tax year.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Reply

Tags
ira


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Traditional IRA to Roth Conversion Question Dog FIRE and Money 5 03-10-2007 10:53 PM
IRA not deductible - convert to Roth someday? spncity FIRE and Money 6 02-20-2007 12:43 PM
Contributing to Roth IRA and Traditional IRA mrinvest Young Dreamers 18 11-22-2006 11:45 AM
Roth IRA Income Limit changes RatherBeFishn Other topics 13 03-13-2005 10:09 AM
Roth IRA chickbull FIRE and Money 30 08-17-2004 06:53 AM

 

 
All times are GMT -6. The time now is 02:32 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.