This may be a question with no answer but I'll pose it anyway...if you are single, your eligibility to contribute to a Roth IRA begins to phase out once your adjusted gross income exceeds $99k for 2007. However, the phase out begins at $156k if filing as married. Can anyone explain the logic behind why the limit for married couples is less than 2x the single limit? It doesn't seem equitable (although this is the tax code we're talking about, granted).
Let's say that we have two people who each have an AGI of $85k in 2007. If they are single or dating, they are each eligibile to put $4k in a Roth. Then one day, they get married. Now, their AGI is over the phaseout limit ($166k) and they can't contribute anything. How is this fair? Am I missing something?
Let's say that we have two people who each have an AGI of $85k in 2007. If they are single or dating, they are each eligibile to put $4k in a Roth. Then one day, they get married. Now, their AGI is over the phaseout limit ($166k) and they can't contribute anything. How is this fair? Am I missing something?