Am I eligible for ROTH?
Appreciate your help on this; We have a husband and wife LLC partnership with two schedule k1 as follows for 2009
Schedule K1 for husband: Ordinary business income: Box1: 130,756
Schedule K1 for wife: Ordinary business income Box 1 : 14,529
Turbo tax says, the husband is not qualified for ROTH IRA.
we also have a SEP as well as SOLO 401K and we can contribute to either of these. So I tried maximizing the SEP or solo 401K,but even after that i get the message that the husband is not eligible for ROTH IRA.
I read that if Married filing jointly, the upper limit for ROTH IRA is 166,000; As you can see we are well below this limit. Why is Turbo tax is not allowing ROTH for the husband? Thanks again for the help