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Next Personal Finance Topic : How To Reap The Rewards With Rewards Programs - Recently, many of these loyalty rewards programs have come to the realization that they must change how they put these programs together if they are going to increase their share of the market.One way that has changed over the years is how reward programs have started linking up with various partners to offer more types of rewards for it's m...[ read more]
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Roth IRA Contributions - IRS Rules
Confused about whether you can contribute to a Roth IRA? Try using these simple rules: Income To contribute to a Roth IRA, you must have compensation (e.g., wages, salary, tips, professional fees, bonuses). Your modified adjusted gross income must be less than: $160,000 - Married Filing Jointly. $10,000 - Married Filing Separately (and you lived with your spouse at any time during the year). $110,000 - Single, Head of Household, or Married Filing Separately (and you did not live with your spouse during the year). Age There is no age limitation for Roth IRA contributions. Unlike traditional IRAs, you can be any age and still qualify to contribute to a Roth IRA. Contribution Limits In general, if your only IRA is a Roth IRA, the maximum 2005 contribution limit is the lesser of your taxable compensation or $4,000. For individuals age 50 or older, the contribution limit is $4,500 The maximum contribution limit phases out if your modified adjusted gross income is within these limits: $150,000-$160,000 - Married Filing Jointly $0-$10,000 - Married Filing Separately (and you lived with your spouse at any time during the year) $95,000-$110,000 - Single, Head of Household, or Married Filing Separately (and you did not live with your spouse) Contributions to Spousal Roth IRA You can make contributions to a Roth IRA for your spouse provided you meet the income requirements. When to Make Contributions Contributions to a Roth IRA can be made at any time during the year or by the due date of your return for that year (not including extensions). Roth IRA contributions are not tax deductible and are not reported on your tax return. On the other hand, you do not include in your gross income, and therefore are not taxed on, any qualified distributions or distributions that are a return of your regular Roth IRA contributions or that are rolled over into another Roth IRA. The Roth IRA is an incredibly valuable retirement vehicle since distributions are made tax-free. If you are considering retirement planning, make sure to investigate the Roth. Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
Related Products For Download: Read Next : How To Reap The Rewards With Rewards ProgramsRecently, many of these loyalty rewards programs have come to the realization that they must change how they put these programs together if they are going to increase their share of the market.One way that has changed over the years is how reward programs have started linking up with various partners to offer more types of rewards for it's m...
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