Can you contribute to IRA if you and your spouse gross around $160k/yr. Your company does not hold 401K plan?
Answers:
REMEMBER: You necessitate to look at ADJUSTED gross income for the boundary, NOT gross income, and that income is in the form of "taxable compensation" (don't include any tax-free bond dividends, for example)
It's pretty much like as the IRA cut sour. Here's from IRS Publication 17 for rates year 2006:
Generally, you can contribute to a Roth IRA if you hold taxable compensation (defined later) and your modified AGI (defined later) is smaller number than:
$160,000 for married file in somebody`s company or qualify widow(er),
$10,000 for married file separately and you lived beside your spouse at any time during the year, or
$110,000 for single, cranium of household, or married file separately and you did not live next to your spouse at any time during the year.
Certainly. I presume you can respectively put contained by $4000 a year but, since your income is that soaring, ask your tariff advisor for specifics. I'm guessing you enjoy years to run so a ROTH IRA is probably your best bet. It's an after export tax contribution so it is not deductible very soon but the withdrawal are not taxable following. Get a devout fund and you can earn 7 - 9% annually which is very well above inflation rates today.