MFS - Roth IRA

[Gretel]

I don't deal much with MFS so would like to have confirmation.

Total 2010 income for MFJ couple will be between 100-120k, which will prevent them from getting a deduction for MIP. If I file them separately one will get this deduction but both are prevented from making any contribution to an IRA,right?

No kids involved, anything else I better watch for MFS?

[BP.]

Ttb 3-13

I like to refer to the little MFS chart on TTB 3-13.

[Gretel]

Thank you so much, BP. I wasn't aware of this chart. I only checked the IRA and MIP rules.

[ChEAr$]

Thank you so much, BP. I wasn't aware of this chart. I only checked the IRA and MIP rules.

Forgive me for asking, cause it's been a rather taxing day,......And what is "MIP"?

[BP.]

Forgive me for asking, cause it's been a rather taxing day,......And what is "MIP"?

Gotta figure it is Mortgage Insurance Premium, especially since that deduction phases out based on AGI.

[Gretel]

Yep, that's what it is.