Question for the Money Doctors

Question submitted on Jan 21, 2011.

Question

Is there an upper income limit after which you can't contribute to a Roth IRA? (TEST)

Answer

yes, for a married couple filing jointly, the ability to make a Roth contribution is phased our for income between 167k to 177k for 2010.  For 2010 anyone over 177k cannot make a Roth IRA contribution.  However, they could make a non-deductible traditional IRA contribution and then convert it to a Roth IRA. 

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