Simple IRA

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  • R & A

    #1

    Simple IRA

    Taxpayer with adjusted income of $149,000 has a Simple IRA from his company for 2005.
    Can he also purchase a Roth IRA for himself and non-working spouse?
  • Brian EA
    Senior Member
    • Dec 2005
    • 786

    #2
    Originally posted by R & A
    Taxpayer with adjusted income of $149,000 has a Simple IRA from his company for 2005.
    Can he also purchase a Roth IRA for himself and non-working spouse?

    Yes . Limitation is $150000- $160000. Based on modified AGI
    Last edited by Brian EA; 04-01-2006, 01:04 PM.
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash

    Comment

    • Matt Sova
      Senior Member
      • Jun 2005
      • 645

      #3
      Yes 2 Roth IRA's

      His AGI is 149k then he can make a Roth IRA contribution for himself and his spouse.

      He could do a Roth for himself and, if spouse is not covered by a plan, a deductible traditional IRA for her.

      Matt
      I would put a favorite quote in here, but it would get me banned from the board.

      Comment

      • Unregistered

        #4
        Just curious

        Brian, Why do you quote everything - the question is right there we know what your responding to?

        Comment

        • Brian EA
          Senior Member
          • Dec 2005
          • 786

          #5
          Originally posted by Unregistered
          Brian, Why do you quote everything - the question is right there we know what your responding to?
          I just dont want to forget the question while I am typing my answer.
          Let's say it is just a bad habit.
          Everybody should pay his income tax with a smile. I tried it, but they wanted cash

          Comment

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