Roth IRA Requirements

[c20916]

I was thinking of opening up a Roth IRA, but I thought I remember reading somewhere that a married couples with an AGI over I think $140k or something like that were not eligible, anyone else know if that's the case or not.

I don't know why they would restrict it if that is the case.

Thanks in advance.

 

[Agent 0659]

There are just two requirements. First, you or your spouse must have compensation or alimony income equal to the amount contributed. And second, your modified adjusted gross income can't exceed certain limits. For the maximum contribution, the limits are $95,000 for single individuals and $150,000 for married individuals filing joint returns. The amount you can contribute is reduced gradually and then completely eliminated when your modified adjusted gross income exceeds $110,000 (single) or $160,000 (married filing jointly).

 

[Agent 0659]

c20916- What the hell kind of name is that? If you need more help, get my email from Jack. Im licensed in Illinois and would be happy to help.

 

[c20916]

thanks, just sent you an email.

 

[saint]

May be way off base but thought i read an article that the 150k cap on joint returns for married couples was going to be increased. I think i have the article here i will search for it.

 

[Doughboy]

No, Agent is right on the AGI limits.