if gross income is 105,000 for a single filer?
2007-01-30 02:25:09 · 8 answers · asked by Viceroy of Jello 1 in Business & Finance ➔ Investing
Are you 50 or older? Up to 50 you can contribute $4k. Over 50 and it's $5k. If your modified AGI (NOTgross) is less than $95k, you should be able to make the full contribution. If your AGI is between $95K and $110K the amount you can contribute declines. This assumes you are single. Married and filing joint the #'s are higher for AGI ($150-160K).
See IRS publication 590.
2007-01-30 02:40:29 · answer #1 · answered by my opinion 2 · 0⤊ 0⤋
There is a limit for a single filer. i do not recall exactly what it currently is. I think $100,000. If that is the limit, then you do have a reduced amount you can deposit. Also if you have a 401k or tradtional IRA, the amounts placed into those must be tanken into consideration.l
Go to the IRS wed site and search of Roth IRA. I think it is publication 509, but I may be mistaken. That is your authority.
2007-01-30 02:36:58 · answer #2 · answered by Italian girl 4 · 0⤊ 0⤋
as much as you want I think
its like 2k exempt or something
and penalties for taking it out early unless for a house or school
2007-01-30 02:30:06 · answer #3 · answered by kurticus1024 7 · 0⤊ 0⤋
you can invest as much as you like but you can only write off $2000.
2007-01-30 02:29:01 · answer #4 · answered by Patrick M 2 · 0⤊ 0⤋
It depends on your age if you get a catch up provision or not.
2007-01-30 02:29:10 · answer #5 · answered by Pukelint 1 · 0⤊ 0⤋
up to 2500 yr
2007-01-30 02:29:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Hold up! First off let me congratulate you and ask you if I can please be adopted!
2007-01-30 02:28:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i dont know
2007-01-30 02:29:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋