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Does the Roth still have a max income of 75/150k? If so, does anyone know if it is possible to reduce your income to get under the mark? I think we might be over by a couple hundred bucks due to a relocation bonus and I would really like to keep investing in the roth.
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The current limit for married filing jointly is $166,000.Steve
* Despite the high cost of living, it remains very popular.
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As for reducing income, is there any way to defer income into 2010? How about increasing deductions? Are you maxing 401k contributions? You could make some extra charitable donations.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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Roth limits are based on adjusted gross income, not taxable income, so extra donations wouldn't matter. Additional 401K contributions would.Originally posted by disneysteve View PostComment
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105k/166k for 2009.
You can make a little bit more, and just be eligible for reduced contributions. Complete ineligibility is at 120k/176k.
Off the top of my head, 401k is all you can really do to reduce MAGI. Eligibility is based on MAGI, not AGI. So most things that lower AGI do not count either.Comment
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So if I put away 6,000 in my company 401k does that essentially lower my "income" by 6k with respect to the Roth limits?Comment
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Yes, it does.Originally posted by Goldy View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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