Roth IRA + 403B question

cathyllFebruary 4, 2007

Dh has a 403B at work. I am not employed;we're in our late 50's-early 60's.

1. Can we each open a Roth IRA?

2. Can we contribute now ('til 4/15/07)a lump sum for '06?

3. What's the maximum we can contribute for '06?

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jlhug

1. You can each open a Roth IRA if your modified AGI is less than $160,000. If your modified AGI is between $150,000 and $160,000, you can contribute a reduced amount.

2. You have until April 17, 2007 to contribute to a Roth or traditional IRA for 2006.

3. The maximum contribution to IRA's for 2006 for anyone who is over the age of 50 is $5,000 ($4,000 in regular contributions and $1,000 in "catch up" contributions). You cannot contribute more than your earned income between your and your husband's IRA's.

Hope this helps.

Here is a link that might be useful: IRS info on Roth IRA's

    Bookmark   February 4, 2007 at 3:35PM
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cathyll

Thank you VERY VERY much, Jlhug. I've plowed through pages and pages of online info., just trying to get an answer to those 3 questions.

    Bookmark   February 5, 2007 at 8:00AM
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