I am 29 years old and earned a gross salary this year of $112,000. I started participating in a 401(k) through my employer late in the year, so I only contributed $5,000 to it. I was also married this year, so I will likely file jointly with my wife for our 2006 tax return.
I have an existing Traditional IRA account and have considered opening a Roth IRA, but I don't know if I qualify, as an individual or as a couple, due to my high income. My wife's income is also high, at approximately $70K gross.
What are my best options? Can I make a non-deductible contribution to my Traditional IRA for the maximum amount of $4K? Am I ineligible to participate in a Roth IRA at my income level? Please help me with some advice!
2006-12-31
11:09:24
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7 answers
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asked by
Anonymous