Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-11-2010, 03:32 PM
Junior Member
 
Join Date: Jan 2010
Posts: 2
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-28-2010, 12:53 PM
Junior Member
 
Join Date: Jan 2010
Location: NJ
Posts: 4
What is your Adjusted gross income (AGI)?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 01-28-2010, 12:58 PM
Junior Member
 
Join Date: Jan 2010
Posts: 2
Quote:
Originally Posted by CowboyMC View Post
What is your Adjusted gross income (AGI)?
69,900 after contributing 50K to solo 401K



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Roth IRA liquidation mattrfl IRA/Sep 1 11-10-2009 09:55 AM
Am I eligible to contribute (and how much) to a Roth IRA? jage21 IRA/Sep 1 02-21-2009 09:14 PM
Recharacterization of Roth to Traditional IRA tristan IRA/Sep 1 02-23-2008 11:08 AM
Will the IRS allow me to make a contribution to both a SEP-IRA and a Roth IRA? disa IRA/Sep 1 02-05-2008 10:24 AM
Roth Ira kapriati IRA/Sep 1 01-21-2007 08:14 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning