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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11137
Experience:  Law Degree, specialization in Tax Law and Corporate Law, 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

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Can a couple with MAGI of 174,325 each make a 5k Roth IRA contribution if neither is covered by a qualified plan?

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 : <table border="1" cellpadding="7" summary="Amount of Roth IRA Contributions That You Can Make for 2013">

child">
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 and 3 other Tax Specialists are ready to help you

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 and 3 other Tax Specialists are ready to help you
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 3 years ago.



Thanks much Scott!

Lane
Lane and 3 other Tax Specialists are ready to help you