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.

Give your answer to this question below!


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.

Give your answer to this question below!


Mar 13

Question by ScubaS: What happens to a Roth IRA when you make too much money?
I understand the difference between a Roth and Traditional IRA, but I haven’t found any information on this technicality.

Let’s say I open a Roth IRA because I don’t have enough income to make me exempt. Then I start making more money and open a Traditional IRA. What happens to the money in the Roth IRA? Can I keep investing with it capital gains tax free, or does it roll into the Trad IRA? What are the tax consequences?

Thanks for your help.

Best answer:

Answer by v b
Nothingyou say makes any sense.

If you have less than $ 5000 of income, yeah, it would better to put the income into a Roth than a traditional IRA because a deduction would be worthless to you.

If in a following year you have, say, $ 20,000 of income, then yes you can ALSO open a tradtional IRA, put the money in there and take a deduction.

The issue is that you have 2 accounts. The $ 5000 you put in can go into 1, the other, or any combination as long as the total is not more than $ 5000.

The Roth continues, you hope to grow. (By the way, IRAs of all flavors do not have ‘captial gains’–if they are taxed, it’s ordinary.)

What do you think? Answer below!


Feb 14

bottom line, want to make sure I am not going to owe come april…..have the typical situations, 2 mortgages, not so typical 4 children….
Single income family, about 125K gross annually, 401K participation


Feb 8

Hello. The above says it all. My wife and I are both over 50, and we file married/filing jointly. If we both put $5000 in our IRAs, do we get a $10,000 deduction, or do we max out at $5000?

thanks a bunch…

RVS


Jan 21

I will be collecting social security in a few years. How much can I take from my IRAS without effecting my social security?

Thanks.


Dec 17

I am leaving a company and have $4,988.00 in my 401K and would like to cash it out.


Dec 9

I understand the difference between a Roth and Traditional IRA, but I haven’t found any information on this technicality.

Let’s say I open a Roth IRA because I don’t have enough income to make me exempt. Then I start making more money and open a Traditional IRA. What happens to the money in the Roth IRA? Can I keep investing with it capital gains tax free, or does it roll into the Trad IRA? What are the tax consequences?

Thanks for your help.


Dec 9

I currently have 2k in a rollover IRA, & have read its best to have a Roth. If I convert, how much do I have to pay in taxes next year? Should I pay it out of pocket or out of the Rollover IRA?
Some facts: 23 yrs old, will contribute $600 to the IRA this year & my AGI is around $32k (I know the amounts are small, but I’m doing the best I can!)


Roth ira, roth ira rules,what is roth,retirement plan roth ira 2010,roth ira qualification,what does a roth ira do,ira for minors,simple roth ira calculator

Powered by Yahoo! Answers

Page Ranking Tool