Guest JHardy Posted January 26, 2000 Posted January 26, 2000 I am married. I have one job and contribute about $7500 per year to a 401K. My wife works two jobs. She gives $3600 per year to a 403b with her full time job. She has a part time nursing job at a VA hospital and does not contribute to a retirement plan. Our AGI is around $75000. Can my wife or I contribute to a Roth and will the contributions be deductible? Thanks for any help.
Michael Devault Posted January 26, 2000 Posted January 26, 2000 The only limiting factor on Roth IRA contributions is your modified adjusted gross income. Unlike Traditional IRAs, participation in an employer's retirement plan is not a deciding factor in whether or not you can make a Roth IRA contribution. Contributions to Roth IRAs are not deductible in any circumstance. They are made with after-tax dollars, but qualified withdrawals can be made on a tax free basis. For more information, look at IRS Publication 590. Good luck.
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