There is Still Time to Lower Your Taxes with a Roth IRA - page 2
March 12, 2000 Your maximum contribution limitation for 1999 may be reduced based on your modified
AGI. See chart below:
If your filing status is… |
AND your modified AGI is between… |
Married filing a joint return |
$150,000 - $160,000 |
Married filing separately and you lived with your spouse during the year |
$0 - $10,000 |
Single, head of household or married filing separately and you did not live with your spouse during the year |
$95,000 - $110,000 |
Based on your filing status, if your modified AGI equals or falls below the above limitation and you meet all the other qualifications, your $2,000 contribution is fully
allowable. If your modified AGI is above the limitations, no Roth IRA contribution is allowable. If you fall anywhere in between the limitations, your contribution will be
gradually reduced (ask your tax advisor for the calculation or refer to IRS Publication 590).Even if you're not a CPA, you can lower your taxes with effective tax planning. You
don't need to know the intimate details of every tax rule or regulation. But it is important to take the time to get educated about what tax reducing options are
available to you and act upon them timely…because there is no reason Uncle Sam should get more than his fair share. Go Back To Page 1 |
