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Old 03-04-2011, 09:42 PM   #21
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But....I'm talking about Roth IRA's, not Traditional IRAs....wonder if that makes a difference?
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Old 03-04-2011, 09:49 PM   #22
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But....I'm talking about Roth IRA's, not Traditional IRAs....wonder if that makes a difference?
No, the contribution limits and rules apply to both. see page 60 on Roth IRA's describing "Compensation" as the same as for tIRA's. ie only taxable earned income.
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Old 03-04-2011, 09:52 PM   #23
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Reading over the IRS pub 590, it's not looking good. I guess the next thing I need to figure out is whether it would be better to put 100% of wife's income (after mandatory witholdings) into her 401k, or to contribute $12000 into our Roths and then whatever's left into her 401k. Keep in mind, we'll be in our mid-50's by then, I'll have a COLA'd pension and then another COLA pension from my military reserves that will kick in at age 60 (7 yrs from now). So many questions...I once thought I almost had everything figured out.
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Old 03-04-2011, 09:54 PM   #24
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So many questions...I once thought I almost had everything figured out.
Welcome to the club, it happens to me all to regularly
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Old 03-04-2011, 09:59 PM   #25
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Of course, there's always the option for me to not retire in 22 months. I could keep working & putting more money away....but I really don't want to think like that...

Thanks, Alan for your help!
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Old 03-05-2011, 08:14 AM   #26
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WOO HOO!
My wife retired last year and I didn't know that I could use my paycheck to contribute to her Roth IRA this year too. I thought I could only contribute to mine now. That's what I get for thinking.
Gonna write a check for both our Roth IRAs today. Thanks.

Cheers!
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Old 03-10-2011, 11:20 AM   #27
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So many questions...I once thought I almost had everything figured out.
Well, trying to figure it out here too! Thank goodness for this board!!
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