Roth IRA ContributionsWritten by Richard A. Chapo
Confused about whether you can contribute to a Roth IRA? Try using these simple rules:Income To contribute to a Roth IRA, you must have compensation (e.g., wages, salary, tips, professional fees, bonuses). Your modified adjusted gross income must be less than: $160,000 — Married Filing Jointly. $10,000 — Married Filing Separately (and you lived with your spouse at any time during year). $110,000 — Single, Head of Household, or Married Filing Separately (and you did not live with your spouse during year). Age There is no age limitation for Roth IRA contributions. Unlike traditional IRAs, you can be any age and still qualify to contribute to a Roth IRA. Contribution Limits In general, if your only IRA is a Roth IRA, maximum 2005 contribution limit is lesser of your taxable compensation or $4,000. For individuals age 50 or older, contribution limit is $4,500 The maximum contribution limit phases out if your modified adjusted gross income is within these limits: $150,000-$160,000 — Married Filing Jointly
| | Need a Copy of Your Tax Return Information?Written by Richard A. Chapo
Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail.A tax return transcript shows most line items from tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or IRS made after return was filed. In many cases, a return transcript will meet requirements of lending institutions such as those offering mortgages and student loans. A tax account transcript shows any later adjustments either you or IRS made after tax return was filed. This transcript shows basic data, including marital status, type of return filed, adjusted gross income and taxable income.
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