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Old 11-14-2007, 10:03 AM
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disneysteve disneysteve is offline
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The current income limits for contributing to a Roth are 99K if you are single and 156K if you are married filing jointly. That is for the full contribution. The amount you can contribute gradually decreases as income rises and phases out entirely at 114K single and 166K married.

Any contributions that were made while you were within the income limits can stay in the account. If you've overcontributed for 2007, you need to withdraw the excess. I'd recommend calling Vanguard and speaking to one of the retirement customer service people. They are excellent and can walk you through the process. Any forms you'll need will be downloadable from their site.

If you aren't eligible for a Roth, you may still be able to contribute to a traditional IRA but may not be able to deduct the contribution. Still beats spending the money.
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