Re: Roth IRA and Deductible IRA and increasing the Roth limit to 5-10k?

From: Rich Carreiro <rlcarr@animato.arlington.ma.us>
Subject: Re: Roth IRA and Deductible IRA and increasing the Roth limit to 5-10k?
Date: Wed, 15 Mar 2000 09:01:29 -0500

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>With both of you working you are likely over the income limits for a
>regular IRA and are thus limited to opening a $2000 Roth IRA for each
>of you.

That's not true.  There are no income limits on the ability to make a
trad IRA contribution.  The limits are on the deductibility of said
contribution.

That said, if a person can't deduct their IRA contribution, they should
certainly put it in a Roth IRA instead, assuming their income is such
that they can make Roth IRA contributions (which, unlike trad IRAs, do
have income limits).

>Why is the Roth limit set at a skimpy $2,000?  

Because that's all Clinton would go for.

>Why didn't Roth go for $5,000 or even $10,000???????

Because Clinton would have vetoed the bill.

Rich Carreiro                            rlcarr@animato.arlington.ma.us

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