Are at hand limitations within lingo of how much I contribute to an IRA?
If I make over $115,000 a year, can I still contribute to a Traditional IRA? Is there a impede in terms of how much I contribute?
Answers: IRS Publication 590 have all the rules. Some of them depend on filing status (single, married common or separate).
If your employer has a retirement plan (whether you participate or not), your IRA contributions might not be deductable, but can still be contributed. Make sure you hold on to permanent records of any "non-deductable" traditional IRA contributions, because you will stipulation that for Form 8606 when you withdraw or convert IRA money to avoid being tax twice. The 2008 contribution limit is $5000 ($6000 age 50 or older) for the sum total of any or all IRA's per being.
You might not be able to contribute to a Roth IRA. But if you make non-deductable contributions to a traditional IRA, you could pocket advantage of the special IRA to Roth IRA conversion in 2010, and you would single be taxed on your IRA gain at that time (never to be taxed again as it grows surrounded by the Roth, unless you pull it out too early). I just cannot find details more or less that at the moment.
You can still contribute to a traditional IRA. But, it might not yield any tax benefits. This is call a non-deductible traditional IRA. I believe you can only contribute to one only if you are not involved next to an employer-sponsored retirement plan.
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Answers: IRS Publication 590 have all the rules. Some of them depend on filing status (single, married common or separate).
If your employer has a retirement plan (whether you participate or not), your IRA contributions might not be deductable, but can still be contributed. Make sure you hold on to permanent records of any "non-deductable" traditional IRA contributions, because you will stipulation that for Form 8606 when you withdraw or convert IRA money to avoid being tax twice. The 2008 contribution limit is $5000 ($6000 age 50 or older) for the sum total of any or all IRA's per being.
You might not be able to contribute to a Roth IRA. But if you make non-deductable contributions to a traditional IRA, you could pocket advantage of the special IRA to Roth IRA conversion in 2010, and you would single be taxed on your IRA gain at that time (never to be taxed again as it grows surrounded by the Roth, unless you pull it out too early). I just cannot find details more or less that at the moment.
You can still contribute to a traditional IRA. But, it might not yield any tax benefits. This is call a non-deductible traditional IRA. I believe you can only contribute to one only if you are not involved next to an employer-sponsored retirement plan.