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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4013
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Can a couple with MAGI of 174,325 each make a 5k Roth IRA contribution

Resolved Question:

Can a couple with MAGI of 174,325 each make a 5k Roth IRA contribution if neither is covered by a qualified plan?
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

Lane :

Hi,

Lane :

Yes you can

Lane :

For married couples filing jointly: The phase-out has gone up $5,000. The new phase-out range for 2013 is $178,000 to $188,000,

Lane :

From there:

Lane :










































If your filing status is...And your modified AGI is...Then you can contribute...
married filing jointly orqualifying widow(er)

< $178,000



up to the limit



> $178,000 but < $188,000



a reduced amount



> $188,000



zero


married filing separately and you lived with your spouse at any time during the year

< $10,000



a reduced amount



> $10,000



zero


single, head of household, ormarried filing separately and you did not live with your spouse at any time during the year

< $112,000



up to the limit



> $112,000 but < $127,000



a reduced amount



> $127,000



zero


 


Lane :

The qualified plan issue comes up in relation to the DEDUCTIBILITY of traditional IRAs ... The Roths, as you probably know, are after tax, but grow tax free and can be pulled out tax free after the later of age 59 and 1/2 or 5 years

Lane :

Questions?

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :

BU again as we can still talk there ... PLEASE let me know if you have any questions at all

Lane :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better (excellent, is ideal)… That's the only way they will pay us here.


HOWEVER, again, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane :

Let me know,

Lane :

Lane

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4013
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 10 months ago.

Hi again Scott!

... just checking back in since I didn't see you come into the chat.

But, as usual, please let me know if you have any questions at all.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4013
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.
Hi Scott,


I'm just following up with you to see how everything is going. Did my answer help?


Let me know,
Lane
Customer: replied 10 months ago.



Expert:  Lane replied 10 months ago.
Thanks much Scott!

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4013
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and other Tax Specialists are ready to help you

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