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Old 02-20-2009, 11:46 PM
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Am I eligible to contribute (and how much) to a Roth IRA?

I am married filing jointly and our Modified Adjusted Gross Income is $143,000. Am I able to contribute the full $5000 to a Roth IRA without being penalized the 6%? Also, can my wife contribute another $5000? Last, can the $5000 be contributed to both a roth and traditional IRA ($10,000 total) in a given tax year or is the 5K the limit between the two?



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