#1
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Roth IRA contribution?
Does gambling income count to disqualify you from making a Roth contribution?
E.g., say one made $45k in 2005 as a data analyst, but also won $100k at poker. Can he still make a Roth IRA contribution? |
#2
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Re: Roth IRA contribution?
I've never heard of that. If you have earned income, you qualify to contribute to your Roth IRA.
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#3
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Re: Roth IRA contribution?
Yes, in the situation you listed. The person can no longer contribute to a Roth IRA. His AGI is too high.
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#4
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Re: Roth IRA contribution?
I think if you make over 100k or something you can't. If you make that much, you might be able to get into a SEP IRA if you pay self employment tax. That's all I know, which isn't much.
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#5
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Re: Roth IRA contribution?
[ QUOTE ]
Yes, in the situation you listed. The person can no longer contribute to a Roth IRA. His AGI is too high. [/ QUOTE ] Right on, you might try to file as a pro, most likely something to consider for this year's (2006) taxes however. |
#6
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Re: Roth IRA contribution?
Sorry to jack this thread, but if I've already paid my 2005 taxes, is it too late to make a Roth IRA contribution?
Edit: Nevermind, I found it on Google. [ QUOTE ] However, you can make contributions for a given year only during the period that begins on the first day of the year and ends on the due date of your return for the year — not including extensions. [/ QUOTE ] That sucks. |
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