tag:blogger.com,1999:blog-3724844774287846418.post7530341415109154143..comments2023-10-10T03:36:38.659-07:00Comments on Doctor's Wallet: Taxes and Roth IRADocbloggerhttp://www.blogger.com/profile/18023415729537116723noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3724844774287846418.post-76312671025576236512009-11-13T11:34:42.816-08:002009-11-13T11:34:42.816-08:00DrSam,
As of now, the contributions to Roth IRA ...DrSam, <br /><br />As of now, the contributions to Roth IRA are limited to those whose adjusted gross income is not higher than $176K for couples and $120K for single filers.<br />Starting in 2010, this income limitation will be removed and anyone can roll over their traditional IRAs into Roth IRA( you still will not be able to contribute to Roth IRA directly- I don't know why)<br />So if you had a traditional IRA funded with after-tax dollars ( that is, if your income was "too high" to deduct your contributions to traditional IRA), upon rolling over your funds from traditional IRA into Roth you'll owe taxes only on growth within that account. For instance, if you, over the years, contributed 20K to your traditional IRA, and now it's worth 25K, then upon rolling over, you'll owe taxes only on that 5K.<br />Now, the good thing- since the market took a hit lately, those 20K you've contributed very well may be worth only 18K now. Then, upon the rollover , you'll have no tax liability<br />Hope it helpsDocbloggerhttps://www.blogger.com/profile/18023415729537116723noreply@blogger.comtag:blogger.com,1999:blog-3724844774287846418.post-88623179700722192142009-11-12T11:52:37.871-08:002009-11-12T11:52:37.871-08:00Glad to see you posting again!
Can you elaborate ...Glad to see you posting again!<br /><br />Can you elaborate a bit on the Roth IRA changes you mentioned?<br /><br />I'm not familiar with this.<br /><br />Thanks!<br /><br /><br />p.s. Maybe I'll take some inspiration from you and get off my butt and put a new post or two on my own blog!drsamhttp://drsamonline.com/blog-pagenoreply@blogger.com