Re: persfin-digest V5 #36

From: Christy Rohrig <christy@netwiz.net>
Subject: Re: persfin-digest V5 #36
Date: Thu, 23 Jul 1998 14:32:00 -0700

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You should be able to set up a Roth IRA if you are a US citizen and deposit the
lesser of $2000 or your earned income (unless it's a spousal IRA in which case
it's your spouse's earned income less your spouse's IRA contribution).  If your
AGI does end up being over the limit, the new technical corrections bill that just
passed will allow you to convert it to a non-deductable IRA.  If you want more
information check out Publication 590 from the IRS.

I believe the AGI is before the exculsion of international income.  You may also
want to look at www.rothira.com or post to misc.taxes.moderated

Cheers,
- -Christy

p.s. I took a risk and converted the funds to a Roth and will look closely at my
earned income about August to see if I should take an unpaid leave of absense or
sell some stock for a capital loss.  (It's been a weird year financially.)


> Date: Thu, 23 Jul 1998 08:44:26 -0400
> From: Rick Baker <RRBaker@compuserve.com>
> Subject: Regular and Roth IRA AGI Limits
>
> My husband and I are living in Europe on an expatriate assignment.  My
> question relates to the Regular and Roth IRA eligibility guidelines.  We
> are interested in opening a regular or Roth IRA  for me this (prior to the
> end of the year) and didn't want to wait until our tax return is  completed
> in 1999 to determine our AGI, thus our eligibility.  Both types of IRA's
> have AGI limits to determine eligibility, but does anyone know whether the
> AGI limits are calculated before or after the Special Foreign Exclusions
> (i.e. foreign earned income exclusion, foreign housing exclusion)?  How do
> others out there handle determining eligibility for IRA's?
>
> Thanks!
> B. Baker
>
> - -






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