Comments on: Can We Both Fully Fund Roth IRAs? http://www.ncnblog.com/2007/06/25/803/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 11:44:22 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Day 24 of 33 Days And 33 Ways To Save Money And Reduce Debt: Roth IRA http://www.ncnblog.com/2007/06/25/803/comment-page-1/#comment-36487 Day 24 of 33 Days And 33 Ways To Save Money And Reduce Debt: Roth IRA Wed, 03 Oct 2007 14:46:10 +0000 http://www.ncnblog.com/2007/06/25/803/#comment-36487 [...] balance will be over $315,000.  Not bad.  If you are thinking about retirement, and you are eligible to make contributions, may I suggest that you consider opening and fully-funding a Roth [...] [...] balance will be over $315,000.  Not bad.  If you are thinking about retirement, and you are eligible to make contributions, may I suggest that you consider opening and fully-funding a Roth [...]

]]> By: thomas http://www.ncnblog.com/2007/06/25/803/comment-page-1/#comment-23017 thomas Thu, 12 Jul 2007 05:20:40 +0000 http://www.ncnblog.com/2007/06/25/803/#comment-23017 this is great information! i've been looking for a nice summary of what my wife and I are able to contribute. Now to fund both accounts to the max! this is great information! i’ve been looking for a nice summary of what my wife and I are able to contribute. Now to fund both accounts to the max!

]]> By: Anonymous http://www.ncnblog.com/2007/06/25/803/comment-page-1/#comment-22765 Anonymous Tue, 10 Jul 2007 21:45:00 +0000 http://www.ncnblog.com/2007/06/25/803/#comment-22765 One error ... as a married couple filing jointly, you can fully fund your IRAs if you have an AGI of $156,000 or less (in 2007) as mentioned in the article. Once your income exceeds $156,000, the amount you can contribute to your IRA decreases linearly with the amount you make over $156,000 (until $166,000 when you can contribute nothing). This means that if you make $161,000 (50% more than the $156,000 phase-out minimum) you can only contribute 50% of the 2007 $4000 limit (each). Hope this helps! One error … as a married couple filing jointly, you can fully fund your IRAs if you have an AGI of $156,000 or less (in 2007) as mentioned in the article. Once your income exceeds $156,000, the amount you can contribute to your IRA decreases linearly with the amount you make over $156,000 (until $166,000 when you can contribute nothing). This means that if you make $161,000 (50% more than the $156,000 phase-out minimum) you can only contribute 50% of the 2007 $4000 limit (each). Hope this helps!

]]> By: Kara http://www.ncnblog.com/2007/06/25/803/comment-page-1/#comment-20080 Kara Mon, 25 Jun 2007 21:23:14 +0000 http://www.ncnblog.com/2007/06/25/803/#comment-20080 Thanks for all of the info!!! Thanks for all of the info!!!

]]> By: Kara http://www.ncnblog.com/2007/06/25/803/comment-page-1/#comment-20079 Kara Mon, 25 Jun 2007 21:15:28 +0000 http://www.ncnblog.com/2007/06/25/803/#comment-20079 Thanks for the info!!! Thanks for the info!!!

]]> By: My New Choice http://www.ncnblog.com/2007/06/25/803/comment-page-1/#comment-20077 My New Choice Mon, 25 Jun 2007 21:09:01 +0000 http://www.ncnblog.com/2007/06/25/803/#comment-20077 Since the reader's question does not explicitly mention the income limits, I will only comment on the act of making the contribution and the maximum contribution. Since IRA stands for Individual Retirement Arrangement, the contribution limits are per individual. In the case of a married couple, each individual can make a contribution up to the maximum allowed (assuming the income limits aren't exceeded as you detailed). It is easy to get confused when looking at an IRA as a married couple but each account is unique to each individual. It is not possible to have a "joint" IRA, the husband has his own IRA and the wife has her own IRA and the contribution limits are also unique to each account. Since the reader’s question does not explicitly mention the income limits, I will only comment on the act of making the contribution and the maximum contribution.

Since IRA stands for Individual Retirement Arrangement, the contribution limits are per individual. In the case of a married couple, each individual can make a contribution up to the maximum allowed (assuming the income limits aren’t exceeded as you detailed).

It is easy to get confused when looking at an IRA as a married couple but each account is unique to each individual. It is not possible to have a “joint” IRA, the husband has his own IRA and the wife has her own IRA and the contribution limits are also unique to each account.

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