Re: Roth IRA questions..
 

OK I have a question,

They're supposed to raise the max. contribution limit in 2008 to $5000 and, according to Wachovia: ,"Plus inflation adjustment in $500 increments beginning in 2009."

Does this mean the max. contributions increase by $500 per year every year after 2009?

Re: Roth IRA questions..
 

[ QUOTE ]
"Plus inflation adjustment in $500 increments beginning in 2009."

Does this mean the max. contributions increase by $500 per year every year after 2009?

[/ QUOTE ]

It means that when they DO adjust it, it will be in $500 increments. It may be 0, it may be $500, it may be $1000. It won't be $347.53.

Re: Roth IRA questions..
 

bump, I have another question. I think, I'm not sure since my parents don't tell them this stuff, that I'm still under their tax filing, like they claim me as a dependent. Does that mean I can't do IRA or can I still contribute to an IRA? I don't know how much exemption they get, do you guys know how much parents get each filing season for having kids? Anyways, I ask because I want to put in my earned income from my part time job which isn't a lot, but still some money, and I was wondering if I had to file my own taxes in order for me to do that?