what is the income limit for a roth ira for a married filing joint?

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what is the income limit for a roth ira for a married filing joint?

Is the 160k limit for gross income or for AGI?

2007-01-13 19:34:21 · 2 answers · asked by avatar 2 in Business & Finance ➔ Investing

2 answers

The income limit for a full contribution is $150,000. If you make between $150K to $160K then you can only make partial contributions. Over $160K then you should either look into a traditional IRA or a non-qualified account.

The income is calculated after you factor in your taxable capital gains & dividends, add both of your salaries, and deduct your deductions. (AGI)

If you are very close, sometimes a charitble deduction can get you there.

2007-01-13 23:25:00 · answer #1 · answered by MR MONEY 3 · 0⤊ 0⤋

It is for your modified AGI. See IRS info below.

2007-01-13 19:47:55 · answer #2 · answered by superherochick 1 · 0⤊ 0⤋