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2 posts by 2 users
I've heard that there is an income limit to open your first IRA and once you get past it, then you cannot open an IRA.
Is this true? If so, what is the income limit?
And, does it matter if the income considered is Schedule C or E (passive or earned?)
Julie Groth,
Julie ...
Its $167k for 2010. Between $167k - 177k, you can contribute half I believe. Above $177k - No Go.
They go by adjusted gross income (AGI) I believe - Don't believe it matters where the income comes from.
I'm not a CPA, so take what I say with a grain of salt. The $$$ figures should be correct though.
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