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(On January 9th, 2008 I updated all the Roth IRA contribution limits and eligibility information changes for 2008.)

Believe you me, it wasn’t easy finding the updated, inflation adjusted numbers, for 2008. I spent quite a bit of time tracking down (and verifying) the below numbers.

Here are the income restrictions associated with 2008 Roth IRA contributions:

The amount a single taxpayer can contribute is phased out if your AGI is between $101,000- $116,000 for 2008. Which means if you earn less than $101,000 in 2008 you are welcome to make a full Roth contribution. If your AGI exceeds $116,000 for 2008 then you can not make any Roth contributions.

Continue Reading “Missing From the IRS Website- 2008 Roth IRA Eligibility Phaseouts”

I am a huge advocate of the Roth IRA… I believe if you can afford to convert an existing IRA to a Roth then you should have done it yesterday.

A bit of a refresher here, monies in both accounts grows tax deferred and when its time to take it out:

• the traditional IRA is fully taxed
• the Roth IRA monies are 100% TAX FREE

Some taxpayers are currently not eligible to convert a traditional IRA to a Roth IRA but those rules are changing in the very near future.

Lets take a closer look…

Continue Reading “Interested in the Equivalent of a Tax Free Loan in 2010?”

I want to go into a bit more detail on the income restrictions associated with Roth IRA contributions.

In the previous post I gave a very generalized view, here’s a bit more…

The amount a single taxpayer can contribute is phased out if your AGI is between $99,000- $114,000 for 2007. Which means if you earn less than $99,000 in 2007 you are welcome to make a full Roth contribution. If your AGI exceeds $114,000 for 2007 then you can not make any Roth contributions.

Continue Reading “Valuable Tidbits About Roth IRA Contribution Eligibility”