Roth IRA and Deductible IRA

From: "Peter & Karen Diamond" <diamond@vsi.net>
Subject: Roth IRA and Deductible IRA
Date: Mon, 13 Mar 2000 19:57:27 -0500

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1. Can I deposit an additional $2,000 in my own deductible IRA?
No.  Since you are covered by a plan at work, you cannot make deductible
contributions.

2. Can I, and my wife, take an additional $2000 each, and deposit in the
Roth
IRAs?
No.  The $2000 limit applies to ALL IRA accounts.  You cannot contribute
more than $2000 for any year to all of your IRA accounts combined.

Also, since you didn't specifically mention that your wife is working, she
must have at least $2000 in earned income for you to make a contribution for
her.


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