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| Subject:
Roth Ira Qualifications, regarding tax deductions and income
Category: Business and Money > Accounting Asked by: nickanderson26-ga List Price: $5.00 |
Posted:
23 Oct 2006 12:39 PDT
Expires: 22 Nov 2006 11:39 PST Question ID: 776126 |
I would like to open a roth ira, but my income is just over the single person limit of 110k. Is the income before or after deductions on my taxes for qualifications for a roth ira? Thanks! |
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| Subject:
Re: Roth Ira Qualifications, regarding tax deductions and income
From: jack_of_few_trades-ga on 23 Oct 2006 13:15 PDT |
The Income Limit is based on your "modified AGI". Page 55 of this overly drawn out IRS form describes modified AGI and the ROTH IRA limits: http://www.irs.gov/pub/irs-pdf/p590.pdf |
| Subject:
Re: Roth Ira Qualifications, regarding tax deductions and income
From: abezon-ga on 23 Oct 2006 13:32 PDT |
Do you have a stock you can sell for a net capital loss? You can deduct up to $3000 in capital losses against ordinary income, which would put you just under the phase-out limit. (Don't buy the stock back within 30 days of sale.) You might also look into cranking up your 401k, which will reduce your base wages & income acordingly. |
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