can an individual contribute to roth if his annual salary is at $100,000 but he contributed $15,000 to 401K? | 401k Questions

Question

Asked 4/4/2007

can an individual contribute to roth if his annual salary is at $100,000 but he contributed $15,000 to 401K?

A single perosn's annual salary is $100,000, he contributed $15,000 to his 401K. Can this individual still contribute to his roth or has he already max up the $95,000 limitaion? Genuine reply please, thank you.

Answers

Answer 1/1 - Submitted 4/5/2007

The whole issue of a qualified plan is a non issue when it comes to a contribution to a Roth IRA. Since you are a single filer if your modified adjusted gross income is more than 95,000.00 but less than 110,000.00 the amount that you would be eligible to contribute will be reduced.

See the worksheet in Publication 590
page 61 http://www.irs.gov/pub/irs-pdf/p590.pdf
to determine your modified adjusted gross income see the worksheet on page 60

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