Question about setting up ROTH IRAs

[Guest cowegg]

If my wife and I want to contribute $4,000 annually to a ROTH, do we setup one joint account or do we need to setup two accounts for $2,000 each? Actually, *CAN* we contribute $4,000 annualy or is the limitation actually $2,000 regardless of filing status? Also, can I still contribute $4,000 for 1998 tax year up to Apr 15 1999 plus $4,000 for 1999 tax year?

My current situation that may affect the answer is this:

-- Married filing jointly

-- Contribute to 401K

-- Have an existing roll-over IRA from prev. employer 401K

-- No other IRAs

-- Do not intent to convert roll-over IRA to ROTH

-- Income appx. $100,000

thanks

joel

[Guest TJG]

Must set up separate accounts, joint accounts are not allowed.

Limit is $2,000 annually per qualifying individual, so for joint filers that qualify, the limit is $4,000 total(2,000 each).

You can contribute for the 1998 tax year up to 4-15-99.

You can contribute for 1999 tax year also. So you can contribute a total of $8,000 ($2,000 each for 1998 and 1999)