RadioBDC Logo
Such Great Heights | The Postal Service Listen Live
 
 
< Back to front page Text size +

Contributing to a Roth IRA in 2010

Posted by Andrew Chan  February 17, 2010 10:30 AM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Can I fund a Roth IRA for 2010 if I will be age 70 and a half in 2010 and my modified adjusted gross income (MAGI) is over $350,000?

Based on the information in your question, it appears that you will not be eligible to contribute to a Roth IRA for 2010 if your modified adjusted gross income (MAGI) exceeds $350,000. Your question does not specify your filing status, however, your modified adjusted gross income of at least $350,000 would disqualify you from being eligible to contribute to a Roth IRA under any filing status.

Although the income limits have been lifted for Roth IRA conversions in 2010, the same is not true for Roth IRA contributions. Your ability to contribute to a Roth IRA is determined by your MAGI and your tax filing status. Generally, you are eligible to contribute to a Roth IRA if any of the following situations apply to you:
 
  • If your tax filing status is single or head of household and your MAGI does not exceed $120,000 for the year in which you are making the contribution.
  • If your tax filing status is married filing jointly or qualified widower and your MAGI does not exceed $177,000 for the year in which you are making the contribution.
  • If you are married filing separately and your MAGI does not exceed $10,000 for the year in which you are making the contribution.
This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

About the contributors

D. Abraham Ringer is a CERTIFIED FINANCIAL PLANNER practitioner and a Financial Adviser with Morgan Stanley Global Wealth Management in Boston. He is registered in MA, NH, NY and several other states to which his articles are directed. For more information please visit www.morganstanleyfa.com/ringer
Financial Planning Association™ of Massachusetts has 900 members who specialize in the financial planning process. Many of its members engage in philanthropic pro bono work in their communities, recommend legislation, elevate public awareness, promote financial literacy, and advocate for sound economic and tax policies.
Odysseas Papadimitriou is the founder of CardHub.com, a credit card and gift card marketplace, and WalletHub.com, a personal finance site. He has more than 13 years of experience in the personal finance industry, and previously served as senior director at Capital One.

E-mail your question

Name:
E-mail:
Your question/comment:
archives