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Strategies & Market Trends : Roth IRA ideas
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To: Fred Fraschetti who wrote (79)3/18/1998 11:32:00 AM
From: Howard R. Hansen   of 388
 
You may contribute any amount up to 100 percent of your earned income of $2000, whichever is less, to a Roth IRA as long as your modified adjusted gross income, MAGI is less $95,000 for single filers and $150,000 for joint filers. Above $95,000 for single filers and $150,000 for joint filers the amount you can contribute to a Roth IRA starts to phase out. You can not make a contribution to a Roth IRA if your MAGI is greater than $110,000 for single filers and $160,000 for joint filers. Your MAGI is the amount shown on line 32 on your 1040 return minus certain adjustments. The adjustments were listed in an earlier post to this thread. One of these is the amount you roll over from a regular IRA to a Roth IRA.

This information comes from an information sheet from Bankers System, Inc. St Cloud MN.
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