Comments on: Don’t Get Phased Out of Your Roth IRA for 2009. Here’s The New Contribution Limits. http://www.goodfinancialcents.com/2009-roth-ira-phase-out-limits/ Helping You Make Cents Of Investing and Financial Planning Mon, 22 Feb 2010 18:30:30 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Britt (Your Roth IRA) http://www.goodfinancialcents.com/2009-roth-ira-phase-out-limits/comment-page-1/#comment-1600 Britt (Your Roth IRA) Wed, 20 May 2009 15:27:07 +0000 http://www.goodfinancialcents.com/?p=1813#comment-1600 Another thing to keep in mind is that if you earn too much in 2009 to contribute to a Roth IRA, you can still contribute to a Traditional IRA regardless of income. Even though this won’t be tax deductible due to your high income, you can later elect to convert the Traditional IRA to a Roth IRA if you choose. Starting in 2010, the income limit for conversions to a Roth IRA will disappear. So even though you may still be ineligible to make new annual contributions to a Roth IRA due to your high income, you’ll at least have funds growing tax-free until retirement which can be withdrawn tax-free at retirement (or you can just keep the Traditional IRA). Another thing to keep in mind is that if you earn too much in 2009 to contribute to a Roth IRA, you can still contribute to a Traditional IRA regardless of income. Even though this won’t be tax deductible due to your high income, you can later elect to convert the Traditional IRA to a Roth IRA if you choose.

Starting in 2010, the income limit for conversions to a Roth IRA will disappear. So even though you may still be ineligible to make new annual contributions to a Roth IRA due to your high income, you’ll at least have funds growing tax-free until retirement which can be withdrawn tax-free at retirement (or you can just keep the Traditional IRA).

]]> By: -> Ask The CERTIFIED FINANCIAL PLANNER™: Savings And Debt | Bible Money Matters http://www.goodfinancialcents.com/2009-roth-ira-phase-out-limits/comment-page-1/#comment-1518 -> Ask The CERTIFIED FINANCIAL PLANNER™: Savings And Debt | Bible Money Matters Sun, 10 May 2009 23:19:51 +0000 http://www.goodfinancialcents.com/?p=1813#comment-1518 [...] you don’t have that, you could consider a Roth IRA, so as long as you meet the Roth IRA phaseout limits .   If your wife is still fearful of the market, you can implement a dollar cost averaging [...] [...] you don’t have that, you could consider a Roth IRA, so as long as you meet the Roth IRA phaseout limits .   If your wife is still fearful of the market, you can implement a dollar cost averaging [...]

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