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Individual Retirement Accounts (IRAs)
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| Filing Status | FULL Roth Contribution if MAGI** is |
PARTIAL Roth Contribution if MAGI** is |
NO Roth Contribution if MAGI** is |
| Single | $95,000 or less | Between $95,000 and $110,000 |
$110,000 or more |
| Married/Joint | $150,000 or less |
Between $150,000 and $160,000 |
$160,000 or more |
| * | Combined contributions to Traditional and Roth IRAs
cannot exceed $4,000 or 100% of earned income in any given year. Withdrawals
prior to age 59-1/2 may be subject to a 10% federal tax for early withdrawal
penalty. Penalty may be exempt for certain higher education expenses,
and for a qualified first time home purchase (with a lifetime maximum
of $10,000). |
| ** | MAGI (Modified Adjusted Gross Income) |
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