| Bumping up against Roth IRA eligibility limits |
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Northman
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 03 Aug 2005
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| Bumping up against Roth IRA eligibility limits |
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My wife's and my combined incomes are close to the limits for Roth IRA eligibility. My company will be giving raises soon, there is a possibility that this could put us over the limit. Has anyone turned down a raise to maintain eligibility? Is there a reasonable way to value the Roth benefit, to choose to take the extra cash, or keep the IRA?
Don't know if this is even an option, but could one receive a different form of compensation, perhaps stock options or something, which would count diffently towards the cap?
If it matters for the discussion, I am 41, also contribute to a 401K (although not quite to the maximum, so I could divert cash that direction if need be)
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Wed Aug 03, 2005 10:08 pm |
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MattL
Senior Member
Cash: $ 46.85
Posts: 234
Joined: 25 Jun 2005
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The limit is on your AGI, so if you can do something to reduce that your good. You could up your 401k contributions and also check with HR to see what other options they have like Health Savings accounts, etc.
Debt Elimination
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Thu Aug 04, 2005 2:25 am |
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joseanes
Full Member
Cash: $ 10.20
Posts: 76
Joined: 30 Aug 2005
Location: Marlborough, MA
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Do not turn down the raise.
If you bump into the limits, you bump.
And then... Call your Senator and Representative... write to them... ask them to increase the IRA limits.
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Wed Aug 31, 2005 4:55 pm |
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