Sep 11

Question by B. Cummings: Does how much you contribute into a roth IRA, take that much away from your taxible income?
For example if I contribute $ 2000 into a roth IRA, and had a taxable income of $ 35,000 would it now be $ 33,000 of taxible income?

Best answer:

Answer by engineer50
No. Roth contributions are made with after-tax dollars. There is no deduction from income.

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Aug 16

Question by tax_question: Can I contribute to individual roth ira and 401k roth ira at the same time ?
I’ve contributed the maximum allowed for the 401k roth ira ($ 15500). Can I contribute another ($ 4500-$ 5500?) to an individual roth ira account? Or any other individual ira account in the same year?

Best answer:

Answer by QandA
Yes, I think the roth ira contribution is 4000. There is an income limit, so as long as you don’t make more than the limit you can

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Apr 18

Question by Cindy16: How much I am allowed to contribute to my ROTH IRA as a married couple?
My husband and I currently have one ROTH IRA under my name.
I also have 401k at my job, and he has his 401 at his job.
I am wondering could he also contribute to an ROTH IRA?
If so, what is the limits for him?

Best answer:

Answer by Scout
Depending on your age. If you are over 50, then you can contribute $ 6000 each as long as you have made at least $ 12,0000 in income. If you are under 50, then the max is $ 5,000 each.

Now if you make more than 166,000 as a couple, then those limits are less.

If you do make over $ 166,000 then I would make a trad ira contr and then convert to a roth.

If you do make over $ 166,000 I would always talk with a tax advisor on anything that you do, especially when it comes to roths.

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Apr 8

I am a US citizen, working (since 4 years ago) as a teacher in China. I earn $40000 per year and this income is excluded from my tax return. I am taxed in China, so I presume my accountant did this exclusion for me so I don’t pay taxes in the US for this income.

I have learned that I cannot use this income to contribute to a ROTH-IRA.

My question is: should I go back on the decision to exclude this income from US taxes? This would mean I have to pay taxes on it. But it would let me contribute $5000 to the ROTH.

Which one is better to have? A ROTH with the tax free compounding that it brings, or a higher income out of which I cannot contribute to a ROTH (but I can contribute to other, taxable vehicles)?

Thank you!

Mar 11

Question by Clutchitude: Can I contribute to a Roth IRA if my earned income is outside the US?
I have both earned and unearned (dividend, investment, interest) income. My earned income is excluded from my US tax return since I’m physically outside the US. Can I still contribute to a Roth IRA?
Thanks, I thought so. I also assume I have to exclude either all or none of my foreign-earned income if it’s below the threshold.

Best answer:

Answer by Rob
Under the circumstances you have described No you cannot contribute to a Roth or a Tradional IRA

If your Foriegn Earned Income is excluded from your Tax return, it is not considered earned income for the purposes of contributions to either a Traditional or Roth IRA. You can only contribute if the earned income is taxable income.
See Publication 590
Who can contribute and the definitions of what is considered not taxable compensation

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Sep 13

Retirees hope to travel, contribute to college funds
Jeff and Debbie are new retirees. Both in their early 60s, they know they need to change their investment strategy from an accumulation phase to one that delivers a steady stream of income. They hope their investments can supplement…

Read more on The Star-Ledger

Jul 8

My wife’s company just added a 401k and I am considering contributing to it but was wondering if there are limits to max 401k contributions if we file married/jointly? I currently max out my 401k account and I know with our combined income status IRA contributions are no longer tax deductible so I am worried adding to her 401k will bring the same limitation.

Mar 21

Hi. I heard somewhere that you can contribute to IRAs until you are 70,5 years of age.Is this true? If yes, what is the maximum you can contribute to the IRAs?Thank you.

Mar 18

Last year my income went over the limit of Roth IRA, so I wanted to open a Traditional IRA account, while keeping the Roth at the same time. Is it OK to do that? Can I contribute to the Roth account while having Traditional IRA? Thank you in advance.

Mar 17

I have around 40K in funds and Roth Ira, if I didn’t contribute anything to Roth Ira, do I still have to file anything because I have it?

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