@solosks wrote:
Thank you.
But just to be clear, since we both are NOT contributing to a pension plan, we are DISQUALIFIED from making a Roth contribution because we make over the $206,000 limit?
Being covered by a retirement plan at work only affects deductible Traditional IRA contribution and has no affect on Roth IRA's.
Roth contribution limits are determined by the MAGI on your 1040 form.
See this IRS article for Roth contribution limits:
https://www.irs.gov/retirement-plans/roth-iras
| If your filing status is... |
And your modified AGI is... |
Then you can contribute... |
| married filing jointly or qualifying widow(er) |
< $196,000
|
up to the limit
|
|
> $196,000 but < $206,000
|
a reduced amount
|
|
> $206,000
|
zero
|
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
