Since which year is it allowed to save Roth IRA even 401K has been deducted


G

Gary Li

Which year did this rule start to be applied ?
Last year, my tax software did not tell me I was qualified to save $3000
Roth IRA, but it did this year.

-Gary
 
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T

Tom Healy

<< Which year did this rule start to be applied ?
Last year, my tax software did not tell me I was qualified to save $3000
Roth IRA, but it did this year. >><BR><BR>

Whether you are a participant in a 401(k) is irrelevant to whether you can make
a Roth IRA contribution. The relevant factor is whether your adjusted gross
income is above the threshhold ($105,000 for single individuals and $160,000
for married filing a joint return). Probably you were above the income in 2003.

Tom
--
Thomas E Healy, CPA, PC
1650 38th St., Ste 202W
Boulder, CO 80301
Please send email to: (e-mail address removed), since I block all email at my
newsgroup address.
phone (303) 443-1804
fax (720) 489-3772
 

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