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TAKE WHAT THEY GIVE
October 22, 2002
When the tax law gives us lemons, we must try to make lemonade. One way is to take advantage of the IRA tax benefits available under current law. Joint filers with an AGI of up to $150,000 can get the best deal, the “Roth” IRA. Contributions to a Roth IRA are non-deductible, but earnings accumulate tax free and can be withdrawn tax free at retirement. You can contribute up to $3,000 per year to a Roth IRA ($3,500 if you are 50 or older by the end of this year). The ability to contribute to a Roth IRA is phased out when AGI exceeds $150,000 for joint filers, or $95,000 for single taxpayers.
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Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
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